Public Sector Pension Investment Board Reduces Holdings in Sun Life Financial Inc. (NYSE:SLF)

Public Sector Pension Investment Board reduced its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 3.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 76,268 shares of the financial services provider’s stock after selling 2,619 shares during the quarter. Public Sector Pension Investment Board’s holdings in Sun Life Financial were worth $3,739,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. 1832 Asset Management L.P. increased its stake in Sun Life Financial by 5.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 10,216,206 shares of the financial services provider’s stock valued at $500,492,000 after purchasing an additional 499,009 shares in the last quarter. Frank Rimerman Advisors LLC purchased a new stake in shares of Sun Life Financial during the second quarter valued at $1,151,000. Benjamin F. Edwards & Company Inc. increased its position in shares of Sun Life Financial by 19.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,131 shares of the financial services provider’s stock valued at $153,000 after acquiring an additional 512 shares during the period. Intech Investment Management LLC raised its stake in Sun Life Financial by 65.5% in the 2nd quarter. Intech Investment Management LLC now owns 59,429 shares of the financial services provider’s stock worth $2,913,000 after acquiring an additional 23,527 shares during the last quarter. Finally, MQS Management LLC acquired a new stake in Sun Life Financial during the 2nd quarter worth about $544,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SLF shares. Argus raised Sun Life Financial to a “strong-buy” rating in a report on Monday, June 3rd. Barclays initiated coverage on shares of Sun Life Financial in a report on Thursday, September 5th. They issued an “equal weight” rating on the stock.

Sun Life Financial Price Performance

Shares of Sun Life Financial stock opened at $57.82 on Friday. The stock has a market cap of $33.37 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 1.48 and a beta of 1.00. The firm has a fifty day moving average price of $52.74 and a 200 day moving average price of $51.73. Sun Life Financial Inc. has a 1 year low of $44.57 and a 1 year high of $58.49.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings data on Monday, August 12th. The financial services provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.07. The business had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.72 billion. Sun Life Financial had a return on equity of 17.47% and a net margin of 8.60%. As a group, equities analysts expect that Sun Life Financial Inc. will post 4.86 EPS for the current year.

Sun Life Financial Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Wednesday, August 28th were issued a $0.587 dividend. This represents a $2.35 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date was Wednesday, August 28th. Sun Life Financial’s payout ratio is presently 60.10%.

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.