Mufg Securities Canada LTD. Reduces Stake in Sun Life Financial Inc. $SLF

Mufg Securities Canada LTD. reduced its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 8.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 848,740 shares of the financial services provider’s stock after selling 83,139 shares during the period. Sun Life Financial comprises 1.5% of Mufg Securities Canada LTD.’s investment portfolio, making the stock its 21st biggest position. Mufg Securities Canada LTD.’s holdings in Sun Life Financial were worth $52,994,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SLF. Brighton Jones LLC purchased a new position in Sun Life Financial in the 4th quarter valued at approximately $244,000. AQR Capital Management LLC increased its stake in Sun Life Financial by 113.8% in the 1st quarter. AQR Capital Management LLC now owns 8,022 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 4,270 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Sun Life Financial in the 2nd quarter valued at approximately $204,000. Prudential Financial Inc. purchased a new position in Sun Life Financial in the 2nd quarter valued at approximately $232,000. Finally, EverSource Wealth Advisors LLC increased its stake in Sun Life Financial by 66.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,734 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 692 shares in the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SLF shares. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. Scotiabank reissued a “sector perform” rating on shares of Sun Life Financial in a research report on Wednesday, April 29th. Wall Street Zen downgraded Sun Life Financial from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. TD Securities reissued a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Finally, Evercore reissued an “outperform” rating on shares of Sun Life Financial in a research report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Stock Performance

Sun Life Financial stock opened at $76.53 on Monday. The stock has a fifty day moving average of $70.71 and a two-hundred day moving average of $65.64. The company has a market capitalization of $42.40 billion, a price-to-earnings ratio of 19.72 and a beta of 0.90. Sun Life Financial Inc. has a fifty-two week low of $56.22 and a fifty-two week high of $76.84.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.03. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.The company had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $925.99 million. During the same quarter last year, the business posted $1.82 earnings per share. On average, analysts forecast that Sun Life Financial Inc. will post 5.76 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.96 per share. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date is Wednesday, May 27th. Sun Life Financial’s payout ratio is presently 72.94%.

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.