Dimensional Fund Advisors LP grew its position in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 27.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,539,664 shares of the financial services provider’s stock after purchasing an additional 328,102 shares during the period. Dimensional Fund Advisors LP owned approximately 0.25% of Sun Life Financial worth $55,043,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. TD Asset Management Inc. grew its position in shares of Sun Life Financial by 1.7% during the second quarter. TD Asset Management Inc. now owns 20,568,078 shares of the financial services provider’s stock valued at $734,224,000 after purchasing an additional 351,938 shares in the last quarter. Vanguard Group Inc. grew its position in Sun Life Financial by 4.6% in the second quarter. Vanguard Group Inc. now owns 13,668,290 shares of the financial services provider’s stock worth $488,642,000 after acquiring an additional 595,894 shares in the last quarter. Beutel Goodman & Co Ltd. grew its position in Sun Life Financial by 50.7% in the second quarter. Beutel Goodman & Co Ltd. now owns 9,170,839 shares of the financial services provider’s stock worth $327,474,000 after acquiring an additional 3,083,485 shares in the last quarter. Letko Brosseau & Associates Inc. grew its position in Sun Life Financial by 0.3% in the second quarter. Letko Brosseau & Associates Inc. now owns 7,921,162 shares of the financial services provider’s stock worth $282,764,000 after acquiring an additional 23,720 shares in the last quarter. Finally, Bank of Nova Scotia grew its position in Sun Life Financial by 1.2% in the first quarter. Bank of Nova Scotia now owns 7,024,399 shares of the financial services provider’s stock worth $256,508,000 after acquiring an additional 81,565 shares in the last quarter. Hedge funds and other institutional investors own 40.90% of the company’s stock.

Sun Life Financial Inc. (SLF) opened at 39.47 on Wednesday. The stock has a market cap of $24.22 billion, a price-to-earnings ratio of 11.42 and a beta of 0.88. The company has a 50-day moving average price of $39.10 and a 200 day moving average price of $36.58. Sun Life Financial Inc. has a 52-week low of $32.22 and a 52-week high of $40.57.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted 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 net margin of 12.48% and a return on equity of 13.29%. The business had revenue of $8.12 billion during the quarter, compared to analysts’ expectations of $7.36 billion. During the same quarter in the prior year, the company posted $0.90 EPS. The business’s revenue for the quarter was down 14.8% on a year-over-year basis. On average, analysts expect that Sun Life Financial Inc. will post $3.30 earnings per share for the current year.

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

The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Wednesday, August 30th were paid a $0.3439 dividend. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Monday, August 28th. This represents a $1.38 annualized dividend and a dividend yield of 3.48%. Sun Life Financial’s dividend payout ratio is 43.85%.

Several research analysts recently commented on the company. Zacks Investment Research lowered Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. BidaskClub upgraded Sun Life Financial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 19th. TD Securities lifted their price target on Sun Life Financial from $50.00 to $51.00 and gave the stock a “hold” rating in a research report on Thursday, August 10th. Morgan Stanley lifted their price target on Sun Life Financial from $52.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 5th. Finally, Bank of America Corporation upgraded Sun Life Financial from an “underperform” rating to a “hold” rating in a research report on Monday, July 10th. Ten analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Sun Life Financial currently has an average rating of “Hold” and an average price target of $50.00.

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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.

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

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