The Manufacturers Life Insurance Company Raises Stake in Sun Life Financial Inc. (NYSE:SLF)

The Manufacturers Life Insurance Company increased its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 13.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,601,980 shares of the financial services provider’s stock after buying an additional 1,049,244 shares during the period. The Manufacturers Life Insurance Company owned about 1.49% of Sun Life Financial worth $421,167,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SLF. Verdence Capital Advisors LLC increased its stake in shares of Sun Life Financial by 1.8% during the 2nd 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 stake in shares of Sun Life Financial by 2.2% in the first quarter. Sequoia Financial Advisors LLC now owns 10,302 shares of the financial services provider’s stock valued at $562,000 after buying an additional 221 shares during the period. Burney Co. lifted its position in shares of Sun Life Financial by 0.3% during the 1st quarter. Burney Co. now owns 89,252 shares of the financial services provider’s stock valued at $4,871,000 after buying an additional 238 shares during the last quarter. Claret Asset Management Corp grew its stake in shares of Sun Life Financial by 3.4% during the 1st quarter. Claret Asset Management Corp now owns 8,334 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 272 shares during the period. Finally, PDS Planning Inc increased its holdings in Sun Life Financial by 6.2% in the 1st quarter. PDS Planning Inc now owns 5,245 shares of the financial services provider’s stock worth $286,000 after acquiring an additional 308 shares during the last quarter. Institutional investors own 52.26% of the company’s stock.

Sun Life Financial Stock Performance

Shares of NYSE SLF opened at $58.10 on Friday. Sun Life Financial Inc. has a fifty-two week low of $44.57 and a fifty-two week high of $58.34. The stock has a market cap 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. The stock has a fifty day moving average of $52.58 and a 200-day moving average of $51.68.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its earnings results 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. Sun Life Financial had a return on equity of 17.47% and a net margin of 8.60%. The business had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.72 billion. On average, sell-side analysts predict that Sun Life Financial Inc. will post 4.86 EPS for the current year.

Sun Life Financial Cuts Dividend

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

Analyst Ratings Changes

Several equities research analysts have commented on SLF shares. 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. Argus upgraded shares of Sun Life Financial to a “strong-buy” rating in a research note on Monday, June 3rd.

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.