Sun Life Financial Inc. $SLF Shares Sold by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich trimmed its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 64.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,369 shares of the financial services provider’s stock after selling 166,534 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich’s holdings in Sun Life Financial were worth $7,328,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Bank of Nova Scotia acquired a new stake in shares of Sun Life Financial during the second quarter valued at about $544,052,000. Norges Bank purchased a new position in Sun Life Financial during the 4th quarter valued at about $398,037,000. The Manufacturers Life Insurance Company purchased a new position in shares of Sun Life Financial in the second quarter valued at approximately $293,050,000. Canada Pension Plan Investment Board purchased a new stake in shares of Sun Life Financial during the second quarter worth $292,980,000. Finally, Legal & General Group Plc purchased a new position in Sun Life Financial in the second quarter valued at $280,312,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Sun Life Financial Stock Performance

NYSE:SLF opened at $80.97 on Friday. The stock has a 50-day simple moving average of $80.51 and a 200-day simple moving average of $73.13. The stock has a market cap of $49.32 billion, a P/E ratio of 18.93, a P/E/G ratio of 2.01 and a beta of 0.87. Sun Life Financial Inc. has a 1 year low of $57.22 and a 1 year high of $84.38.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Thursday, August 6th. The financial services provider reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.07. The business had revenue of $10.10 billion for the quarter, compared to analyst estimates of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. On average, equities research analysts predict that Sun Life Financial Inc. will post 5.74 EPS for the current year.

Sun Life Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $3.84 dividend on an annualized basis and a yield of 4.7%. Sun Life Financial’s dividend payout ratio (DPR) is presently 64.02%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings upgraded Sun Life Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday. BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Argus upped their target price on shares of Sun Life Financial from $81.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday. Evercore cut shares of Sun Life Financial from an “outperform” rating to an “in-line” rating in a report on Monday, July 13th. Finally, TD Securities reiterated a “buy” rating on shares of Sun Life Financial in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $98.67.

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.