Bank of New York Mellon Corp Acquires 15,671 Shares of Sun Life Financial Inc. $SLF

Bank of New York Mellon Corp lifted its holdings in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 2.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 606,981 shares of the financial services provider’s stock after purchasing an additional 15,671 shares during the quarter. Bank of New York Mellon Corp owned 0.11% of Sun Life Financial worth $40,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Private Trust Co. NA boosted its holdings in shares of Sun Life Financial by 130.6% during the 2nd quarter. Private Trust Co. NA now owns 429 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 243 shares during the last quarter. Westside Investment Management Inc. raised its stake in Sun Life Financial by 62.8% during the 2nd quarter. Westside Investment Management Inc. now owns 578 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 223 shares during the period. Investment Management Corp VA ADV lifted its stake in shares of Sun Life Financial by 164.5% during the 1st quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider’s stock valued at $35,000 after buying an additional 385 shares in the last quarter. Clean Yield Group boosted its stake in shares of Sun Life Financial by 36.8% in the second quarter. Clean Yield Group now owns 925 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 249 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in Sun Life Financial by 295.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,116 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 834 shares during the period. 52.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SLF. Scotiabank upgraded Sun Life Financial to a “hold” rating in a research report on Thursday, July 31st. UBS Group began coverage on shares of Sun Life Financial in a research note on Thursday, October 16th. They issued a “neutral” rating on the stock. National Bank Financial lowered Sun Life Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. TD Securities upgraded shares of Sun Life Financial from a “hold” rating to a “buy” rating in a report on Tuesday, October 7th. Finally, Morgan Stanley set a $89.00 target price on Sun Life Financial in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $86.50.

Sun Life Financial Stock Performance

Sun Life Financial stock opened at $59.12 on Thursday. Sun Life Financial Inc. has a fifty-two week low of $52.44 and a fifty-two week high of $66.81. The company has a market cap of $33.01 billion, a PE ratio of 14.63, a PEG ratio of 1.67 and a beta of 0.90. The business’s 50-day simple moving average is $60.20 and its two-hundred day simple moving average is $61.34.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.30 by $0.05. The business had revenue of $944.53 million for the quarter, compared to the consensus estimate of $944.53 million. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.21%. During the same period in the prior year, the firm earned $2.33 EPS. As a group, analysts predict that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, November 26th will be issued a $0.92 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.64. This represents a $3.68 dividend on an annualized basis and a yield of 6.2%. Sun Life Financial’s dividend payout ratio is presently 69.41%.

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.