Mackenzie Financial Corp Buys 407,913 Shares of Sun Life Financial Inc. (NYSE:SLF)

Mackenzie Financial Corp grew its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 2.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,703,533 shares of the financial services provider’s stock after purchasing an additional 407,913 shares during the quarter. Sun Life Financial makes up approximately 1.1% of Mackenzie Financial Corp’s holdings, making the stock its 17th biggest position. Mackenzie Financial Corp’s holdings in Sun Life Financial were worth $721,042,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Verdence Capital Advisors LLC increased its position in Sun Life Financial by 1.8% in the second quarter. Verdence Capital Advisors LLC now owns 12,160 shares of the financial services provider’s stock worth $596,000 after purchasing an additional 219 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Sun Life Financial by 2.2% in the 1st quarter. Sequoia Financial Advisors LLC now owns 10,302 shares of the financial services provider’s stock valued at $562,000 after purchasing an additional 221 shares in the last quarter. Burney Co. lifted its position in shares of Sun Life Financial by 0.3% in the 1st quarter. Burney Co. now owns 89,252 shares of the financial services provider’s stock worth $4,871,000 after purchasing an additional 238 shares during the period. Claret Asset Management Corp increased its holdings in Sun Life Financial by 3.4% during the first quarter. Claret Asset Management Corp now owns 8,334 shares of the financial services provider’s stock valued at $455,000 after buying an additional 272 shares during the period. Finally, PDS Planning Inc lifted its holdings in Sun Life Financial by 6.2% during the first quarter. PDS Planning Inc now owns 5,245 shares of the financial services provider’s stock worth $286,000 after buying an additional 308 shares during the period. Institutional investors own 52.26% of the company’s stock.

Sun Life Financial Stock Up 0.8 %

NYSE:SLF opened at $58.10 on Friday. The stock has a market capitalization of $33.68 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.46 and a beta of 1.00. Sun Life Financial Inc. has a 52 week low of $44.57 and a 52 week high of $58.34. The stock’s 50-day moving average price is $52.58 and its 200-day moving average price is $51.68.

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

Sun Life Financial Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th will be issued a dividend of $0.587 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $2.35 annualized dividend and a dividend yield of 4.04%. Sun Life Financial’s dividend payout ratio is presently 59.85%.

Analyst Ratings Changes

SLF has been the topic of a number of analyst reports. Barclays assumed coverage on shares of Sun Life Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating on the stock. Argus raised Sun Life Financial to a “strong-buy” rating in a research report on Monday, June 3rd.

About Sun Life Financial

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.