Maryland State Retirement & Pension System Boosts Holdings in Sun Life Financial Inc. (NYSE:SLF)

Maryland State Retirement & Pension System lifted its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 15.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 89,681 shares of the financial services provider’s stock after purchasing an additional 12,111 shares during the period. Maryland State Retirement & Pension System’s holdings in Sun Life Financial were worth $4,487,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SLF. Voisard Asset Management Group Inc. purchased a new stake in shares of Sun Life Financial in the 4th quarter worth about $26,000. Northwest Financial Advisors purchased a new position in Sun Life Financial during the 4th quarter valued at about $29,000. Headinvest LLC purchased a new position in Sun Life Financial during the 3rd quarter valued at about $39,000. RIA Advisory Group LLC purchased a new position in Sun Life Financial during the 4th quarter valued at about $39,000. Finally, Private Wealth Management Group LLC purchased a new position in Sun Life Financial during the 4th quarter valued at about $41,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Stock Down 1.0 %

Sun Life Financial stock traded down $0.47 during trading hours on Friday, hitting $48.99. The stock had a trading volume of 24,943 shares, compared to its average volume of 744,788. The stock has a market capitalization of $28.40 billion, a P/E ratio of 12.65, a price-to-earnings-growth ratio of 1.27 and a beta of 0.99. Sun Life Financial Inc. has a 12-month low of $44.57 and a 12-month high of $55.46. The stock’s 50-day moving average price is $50.10 and its 200-day moving average price is $51.68.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Thursday, May 9th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.09). The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $7.25 billion. Sun Life Financial had a return on equity of 16.97% and a net margin of 8.94%. On average, research analysts expect that Sun Life Financial Inc. will post 4.88 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Wednesday, May 29th were issued a $0.588 dividend. The ex-dividend date was Wednesday, May 29th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.58. This represents a $2.35 annualized dividend and a yield of 4.80%. Sun Life Financial’s payout ratio is 60.10%.

Wall Street Analyst Weigh In

Separately, Argus raised shares of Sun Life Financial to a “strong-buy” rating in a research report on Monday, June 3rd.

Sun Life Financial Profile

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.