Commonwealth Equity Services LLC Has $2.92 Million Stake in Sun Life Financial Inc. (NYSE:SLF)

Commonwealth Equity Services LLC trimmed its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 1.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 59,538 shares of the financial services provider’s stock after selling 1,130 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Sun Life Financial were worth $2,917,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SLF. Intact Investment Management Inc. grew its position in Sun Life Financial by 423.9% during the second 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 in the last quarter. Signaturefd LLC grew its position in Sun Life Financial by 4.5% during the second 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 in the last quarter. Tobam grew its position in Sun Life Financial by 57.6% during the second quarter. Tobam now owns 2,066 shares of the financial services provider’s stock worth $101,000 after buying an additional 755 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in Sun Life Financial during the second quarter worth about $39,000. Finally, AustralianSuper Pty Ltd grew its position in Sun Life Financial by 20.9% during the second 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 in the last quarter. 52.26% of the stock is owned by institutional investors and hedge funds.

Sun Life Financial Stock Up 0.5 %

Shares of SLF opened at $55.31 on Thursday. The stock has a market cap of $31.95 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 1.40 and a beta of 1.00. Sun Life Financial Inc. has a 12 month low of $44.57 and a 12 month high of $55.65. The company has a 50-day moving average price of $51.22 and a two-hundred day moving average price of $51.50.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Monday, August 12th. The financial services provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. Sun Life Financial had a net margin of 8.60% and a return on equity of 17.47%. The firm had revenue of $6.52 billion during the quarter, compared to analysts’ expectations of $6.72 billion. Equities research analysts expect that Sun Life Financial Inc. will post 4.86 EPS for the current fiscal year.

Sun Life Financial Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th will be paid a $0.587 dividend. This represents a $2.35 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date is Wednesday, August 28th. Sun Life Financial’s dividend payout ratio (DPR) is currently 60.10%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SLF shares. Argus upgraded shares of Sun Life Financial to a “strong-buy” rating in a research note on Monday, June 3rd. Barclays started coverage on shares of Sun Life Financial in a research note on Thursday, September 5th. They set an “equal weight” rating for the company.

Sun Life Financial Company 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.