Vanguard Group Inc. Has $488.64 Million Holdings in Sun Life Financial Inc. (SLF)
Vanguard Group Inc. grew its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 4.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,668,290 shares of the financial services provider’s stock after purchasing an additional 595,894 shares during the period. Vanguard Group Inc. owned about 2.23% of Sun Life Financial worth $488,642,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Public Sector Pension investment Board increased its holdings in shares of Sun Life Financial by 23.4% during the second quarter. Public Sector Pension investment Board now owns 1,215,506 shares of the financial services provider’s stock worth $43,390,000 after purchasing an additional 230,500 shares during the period. Letko Brosseau & Associates Inc. increased its stake in Sun Life Financial by 0.3% during the 2nd 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 during the period. Nationwide Fund Advisors increased its stake in Sun Life Financial by 120.9% during the 2nd quarter. Nationwide Fund Advisors now owns 70,141 shares of the financial services provider’s stock worth $2,508,000 after acquiring an additional 38,386 shares during the period. Captrust Financial Advisors bought a new position in Sun Life Financial during the 2nd quarter worth $162,000. Finally, Bridgewater Associates LP bought a new position in Sun Life Financial during the 2nd quarter worth $4,758,000. Hedge funds and other institutional investors own 40.90% of the company’s stock.
Sun Life Financial Inc. (SLF) opened at 39.96 on Wednesday. The company has a market capitalization of $24.52 billion, a P/E ratio of 11.56 and a beta of 0.88. Sun Life Financial Inc. has a 52-week low of $32.03 and a 52-week high of $40.57. The firm has a 50-day moving average price of $38.79 and a 200 day moving average price of $36.38.
Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings data on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.09. The firm had revenue of $8.12 billion for the quarter, compared to analysts’ expectations of $7.36 billion. Sun Life Financial had a net margin of 12.48% and a return on equity of 13.29%. The business’s quarterly revenue was down 14.8% on a year-over-year basis. During the same quarter last year, the company posted $0.90 EPS. On average, analysts predict that Sun Life Financial Inc. will post $3.31 earnings per share for the current fiscal year.
Sun Life Financial announced that its board has authorized a share buyback plan on Wednesday, August 9th that permits the company to buyback 11,500,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Wednesday, August 30th were given a $0.3439 dividend. The ex-dividend date of this dividend was Monday, August 28th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.32. This represents a $1.38 annualized dividend and a yield of 3.44%. Sun Life Financial’s payout ratio is 43.85%.
A number of analysts have recently weighed in on the company. BidaskClub upgraded Sun Life Financial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 19th. Zacks Investment Research lowered shares of Sun Life Financial from a “buy” rating to a “hold” rating in a report on Tuesday, September 19th. TD Securities raised their target price on shares of Sun Life Financial from $50.00 to $51.00 and gave the company a “hold” rating in a report on Thursday, August 10th. Bank of America Corporation upgraded Sun Life Financial from an “underperform” rating to a “hold” rating in a research note on Monday, July 10th. Finally, ValuEngine raised Sun Life Financial from a “hold” rating to a “buy” rating in a report on Wednesday, June 28th. Nine analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $48.00.
Sun Life Financial Company Profile
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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