Van ECK Associates Corp Raises Stock Position in Sun Life Financial Inc. (NYSE:SLF)

Van ECK Associates Corp grew its holdings in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 24.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 100,704 shares of the financial services provider’s stock after acquiring an additional 19,807 shares during the period. Van ECK Associates Corp’s holdings in Sun Life Financial were worth $4,938,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Intact Investment Management Inc. increased its stake in Sun Life Financial by 423.9% during the 2nd quarter. Intact Investment Management Inc. now owns 1,017,964 shares of the financial services provider’s stock worth $49,909,000 after buying an additional 823,670 shares during the period. Signaturefd LLC increased its stake in Sun Life Financial by 4.5% during the 2nd quarter. Signaturefd LLC now owns 23,971 shares of the financial services provider’s stock worth $1,174,000 after buying an additional 1,032 shares during the period. Tobam increased its stake in Sun Life Financial by 57.6% during the 2nd quarter. Tobam now owns 2,066 shares of the financial services provider’s stock worth $101,000 after buying an additional 755 shares during the period. Ridgewood Investments LLC purchased a new stake in Sun Life Financial during the 2nd quarter worth $39,000. Finally, AustralianSuper Pty Ltd increased its stake in Sun Life Financial by 20.9% during the 2nd quarter. AustralianSuper Pty Ltd now owns 171,983 shares of the financial services provider’s stock worth $8,434,000 after buying an additional 29,740 shares during the period. Hedge funds and other institutional investors own 52.26% of the company’s stock.

Analyst Upgrades and Downgrades

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

Sun Life Financial Stock Performance

SLF opened at $54.81 on Wednesday. The company has a 50-day moving average of $50.48 and a 200-day moving average of $51.45. The company has a market capitalization of $31.66 billion, a P/E ratio of 14.02, a PEG ratio of 1.40 and a beta of 1.00. Sun Life Financial Inc. has a 1-year low of $44.57 and a 1-year high of $55.46.

Sun Life Financial Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th will be given a $0.587 dividend. This represents a $2.35 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Wednesday, August 28th. Sun Life Financial’s payout ratio is currently 60.10%.

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.