Private Advisor Group LLC Sells 820 Shares of Sun Life Financial Inc. (NYSE:SLF)

Private Advisor Group LLC cut its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 8.8% during the third quarter, HoldingsChannel reports. The firm owned 8,462 shares of the financial services provider’s stock after selling 820 shares during the period. Private Advisor Group LLC’s holdings in Sun Life Financial were worth $491,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Sun Life Financial by 6,244.4% during the 2nd quarter. GAMMA Investing LLC now owns 571 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 562 shares in the last quarter. Ridgewood Investments LLC bought a new position in Sun Life Financial during the 2nd quarter worth about $39,000. Clean Yield Group bought a new position in Sun Life Financial during the 3rd quarter worth about $39,000. Fairfield Financial Advisors LTD bought a new position in Sun Life Financial during the 2nd quarter worth about $43,000. Finally, Tobam grew its holdings 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 acquiring an additional 755 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Barclays initiated coverage on shares of Sun Life Financial in a report on Thursday, September 5th. They set an “equal weight” rating on the stock.

Sun Life Financial Stock Performance

SLF stock opened at $55.68 on Tuesday. The firm has a market cap of $35.08 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.43 and a beta of 1.01. The firm has a 50-day simple moving average of $56.46 and a two-hundred day simple moving average of $52.39. Sun Life Financial Inc. has a one year low of $46.41 and a one year high of $58.51.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Monday, August 12th. The financial services provider reported $1.25 EPS for the quarter, beating the consensus estimate 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 net margin of 8.60% and a return on equity of 17.47%. As a group, equities analysts predict that Sun Life Financial Inc. will post 4.86 earnings per share for the current fiscal year.

Sun Life Financial Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Wednesday, August 28th were given a dividend of $0.587 per share. This represents a $2.35 annualized dividend and a dividend yield of 4.22%. The ex-dividend date of this dividend was Wednesday, August 28th. Sun Life Financial’s payout ratio is 60.57%.

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.