1832 Asset Management L.P. Increases Holdings in Sun Life Financial Inc. (NYSE:SLF)

1832 Asset Management L.P. raised its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 5.1% in the second quarter, Holdings Channel reports. The institutional investor owned 10,216,206 shares of the financial services provider’s stock after buying an additional 499,009 shares during the quarter. Sun Life Financial accounts for about 0.4% of 1832 Asset Management L.P.’s holdings, making the stock its 26th biggest position. 1832 Asset Management L.P.’s holdings in Sun Life Financial were worth $500,492,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co increased its holdings in shares of Sun Life Financial by 3.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 630,708 shares of the financial services provider’s stock worth $34,474,000 after purchasing an additional 23,235 shares in the last quarter. Prudential PLC increased its holdings in shares of Sun Life Financial by 15.9% in the 4th quarter. Prudential PLC now owns 349,027 shares of the financial services provider’s stock worth $18,102,000 after purchasing an additional 47,755 shares in the last quarter. UBS Group AG increased its holdings in shares of Sun Life Financial by 36.8% in the 4th quarter. UBS Group AG now owns 696,047 shares of the financial services provider’s stock worth $36,097,000 after purchasing an additional 187,064 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Sun Life Financial by 20.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,620,801 shares of the financial services provider’s stock worth $84,055,000 after purchasing an additional 275,334 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Sun Life Financial by 108.3% in the 1st quarter. Cetera Investment Advisers now owns 64,240 shares of the financial services provider’s stock worth $3,506,000 after purchasing an additional 33,401 shares in the last quarter. Hedge funds and other institutional investors own 52.26% of the company’s stock.

Sun Life Financial Price Performance

Shares of SLF opened at $56.59 on Friday. Sun Life Financial Inc. has a one year low of $44.57 and a one year high of $57.20. The firm has a market capitalization of $32.81 billion, a P/E ratio of 14.47, a PEG ratio of 1.45 and a beta of 1.00. The business has a fifty day moving average of $52.18 and a 200 day moving average of $51.63.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings data 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. Sun Life Financial had a return on equity of 17.47% and a net margin of 8.60%. The company had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.72 billion. 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 disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Wednesday, August 28th will be issued a $0.587 dividend. This represents a $2.35 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Wednesday, August 28th. Sun Life Financial’s payout ratio is currently 59.85%.

Analyst Upgrades and Downgrades

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

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.