Lorne Steinberg Wealth Management Inc. Has $7.95 Million Stock Position in Sun Life Financial Inc. $SLF

Lorne Steinberg Wealth Management Inc. increased its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 7.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 127,168 shares of the financial services provider’s stock after acquiring an additional 9,342 shares during the period. Sun Life Financial comprises about 1.8% of Lorne Steinberg Wealth Management Inc.’s portfolio, making the stock its 26th largest position. Lorne Steinberg Wealth Management Inc.’s holdings in Sun Life Financial were worth $7,949,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SLF. Smartleaf Asset Management LLC lifted its holdings in shares of Sun Life Financial by 184.1% in the third quarter. Smartleaf Asset Management LLC now owns 588 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 381 shares in the last quarter. Westside Investment Management Inc. boosted its position in Sun Life Financial by 38.6% during the 3rd quarter. Westside Investment Management Inc. now owns 801 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 223 shares during the last quarter. LOM Asset Management Ltd bought a new position in shares of Sun Life Financial during the 4th quarter worth approximately $53,000. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Sun Life Financial in the third quarter valued at approximately $62,000. Finally, Triumph Capital Management acquired a new position in Sun Life Financial during the third quarter worth $64,000. 52.26% of the stock is owned by institutional investors.

Sun Life Financial Price Performance

Shares of SLF opened at $70.28 on Friday. The company has a market cap of $38.94 billion, a PE ratio of 15.97 and a beta of 0.87. The firm has a 50-day moving average of $64.87 and a 200-day moving average of $62.49. Sun Life Financial Inc. has a one year low of $56.08 and a one year high of $70.50.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Wednesday, February 11th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.06. Sun Life Financial had a net margin of 8.48% and a return on equity of 17.76%. The company had revenue of $973.53 million for the quarter, compared to analysts’ expectations of $973.53 million. During the same period in the prior year, the firm earned $1.68 EPS. Analysts expect that Sun Life Financial Inc. will post 5.19 earnings per share for the current year.

Sun Life Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Wednesday, February 25th were given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend was Wednesday, February 25th. Sun Life Financial’s dividend payout ratio (DPR) is presently 61.36%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Barclays reiterated an “underweight” rating on shares of Sun Life Financial in a research note on Thursday, January 8th. Scotiabank reaffirmed a “sector perform” rating on shares of Sun Life Financial in a research report on Thursday, February 5th. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a report on Friday, February 13th. Evercore reissued an “outperform” rating on shares of Sun Life Financial in a research report on Thursday, February 19th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $86.50.

Sun Life Financial Profile

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.