Public Sector Pension investment Board boosted its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 23.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,215,506 shares of the financial services provider’s stock after purchasing an additional 230,500 shares during the quarter. Public Sector Pension investment Board owned about 0.20% of Sun Life Financial worth $43,390,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Jones Collombin Investment Counsel Inc raised its stake in Sun Life Financial by 20.2% in the second quarter. Jones Collombin Investment Counsel Inc now owns 2,826 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 475 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in Sun Life Financial by 24.8% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 4,475 shares of the financial services provider’s stock valued at $160,000 after purchasing an additional 888 shares in the last quarter. Captrust Financial Advisors acquired a new position in Sun Life Financial in the second quarter valued at about $162,000. Stifel Financial Corp raised its stake in Sun Life Financial by 1.8% in the first quarter. Stifel Financial Corp now owns 5,811 shares of the financial services provider’s stock valued at $209,000 after purchasing an additional 102 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Sun Life Financial by 7.9% in the second quarter. Janney Montgomery Scott LLC now owns 6,126 shares of the financial services provider’s stock valued at $219,000 after purchasing an additional 450 shares in the last quarter. 40.90% of the stock is owned by institutional investors and hedge funds.

Sun Life Financial Inc. (NYSE:SLF) traded down 0.08% on Wednesday, reaching $38.86. The company’s stock had a trading volume of 80,036 shares. Sun Life Financial Inc. has a 52-week low of $31.42 and a 52-week high of $40.57. The firm has a market cap of $23.85 billion, a PE ratio of 11.58 and a beta of 0.86. The stock’s 50 day moving average price is $38.43 and its 200 day moving average price is $36.17.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. Sun Life Financial had a return on equity of 13.29% and a net margin of 12.48%. The firm had revenue of $8.12 billion for the quarter, compared to analysts’ expectations of $7.36 billion. During the same quarter last year, the firm posted $0.90 EPS. The company’s revenue was down 14.8% compared to the same quarter last year. Equities research analysts expect that Sun Life Financial Inc. will post $3.34 earnings per share for the current fiscal year.

Sun Life Financial announced that its board has authorized a stock repurchase plan on Wednesday, August 9th that allows the company to repurchase 11,500,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Wednesday, August 30th will be issued a $0.3439 dividend. The ex-dividend date of this dividend is Monday, August 28th. This represents a $1.38 annualized dividend and a dividend yield of 3.54%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.32. Sun Life Financial’s dividend payout ratio (DPR) is presently 43.85%.

A number of research analysts recently commented on SLF shares. BidaskClub raised Sun Life Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Royal Bank Of Canada raised Sun Life Financial from a “sector perform” rating to an “outperform” rating and set a $51.00 price target for the company in a research note on Wednesday, June 7th. Zacks Investment Research raised Sun Life Financial from a “sell” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Wednesday, July 12th. Bank of America Corporation raised Sun Life Financial from an “underperform” rating to a “hold” rating in a research note on Monday, July 10th. Finally, TD Securities boosted their price target on Sun Life Financial from $50.00 to $51.00 and gave the company a “hold” rating in a research note on Thursday, August 10th. Nine investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $45.80.

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About Sun Life Financial

Sun Life Financial Inc is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. It operates through five segments. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.

Institutional Ownership by Quarter for Sun Life Financial (NYSE:SLF)

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