StockNews.com Downgrades Sun Life Financial (NYSE:SLF) to Hold

StockNews.com lowered shares of Sun Life Financial (NYSE:SLF) (TSE:SLF) from a buy rating to a hold rating in a research report report published on Tuesday morning.

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

Sun Life Financial Price Performance

Sun Life Financial stock opened at $60.35 on Tuesday. The stock’s 50 day moving average price is $57.57 and its 200 day moving average price is $53.02. Sun Life Financial has a 1-year low of $46.41 and a 1-year high of $61.61. The company has a market cap of $38.03 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.55 and a beta of 1.01.

Sun Life Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, November 27th will be issued a $0.621 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.12%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s dividend payout ratio is currently 52.34%.

Hedge Funds Weigh In On Sun Life Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its position in shares of Sun Life Financial by 0.3% in the third quarter. Assenagon Asset Management S.A. now owns 62,589 shares of the financial services provider’s stock valued at $3,635,000 after buying an additional 200 shares in the last quarter. Verdence Capital Advisors LLC grew its stake in Sun Life Financial by 1.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 12,160 shares of the financial services provider’s stock valued at $596,000 after acquiring an additional 219 shares during the last quarter. Burney Co. raised its position in Sun Life Financial by 0.3% during the first quarter. Burney Co. now owns 89,252 shares of the financial services provider’s stock worth $4,871,000 after acquiring an additional 238 shares during the last quarter. State Street Corp lifted its holdings in shares of Sun Life Financial by 0.8% in the third quarter. State Street Corp now owns 39,478 shares of the financial services provider’s stock valued at $2,291,000 after purchasing an additional 330 shares in the last quarter. Finally, Addison Advisors LLC grew its position in shares of Sun Life Financial by 124.9% in the third quarter. Addison Advisors LLC now owns 650 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 361 shares during the last quarter. 52.26% of the stock is owned by institutional investors and hedge funds.

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.