Truist Financial Corp Sells 795 Shares of Sun Life Financial Inc. (NYSE:SLF)

Truist Financial Corp cut its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 10.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,582 shares of the financial services provider’s stock after selling 795 shares during the quarter. Truist Financial Corp’s holdings in Sun Life Financial were worth $322,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Toronto Dominion Bank raised its stake in shares of Sun Life Financial by 42.8% in the first quarter. Toronto Dominion Bank now owns 6,642,564 shares of the financial services provider’s stock valued at $362,551,000 after acquiring an additional 1,991,360 shares during the period. The Manufacturers Life Insurance Company raised its position in Sun Life Financial by 13.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,601,980 shares of the financial services provider’s stock worth $421,167,000 after purchasing an additional 1,049,244 shares during the period. CIBC Asset Management Inc lifted its stake in Sun Life Financial by 16.5% in the second quarter. CIBC Asset Management Inc now owns 6,407,407 shares of the financial services provider’s stock worth $313,976,000 after purchasing an additional 905,679 shares during the last quarter. Intact Investment Management Inc. boosted its position in shares of Sun Life Financial by 423.9% during the second quarter. Intact Investment Management Inc. now owns 1,017,964 shares of the financial services provider’s stock valued at $49,909,000 after buying an additional 823,670 shares during the period. Finally, AGF Management Ltd. grew its stake in shares of Sun Life Financial by 46.5% during the second quarter. AGF Management Ltd. now owns 2,513,349 shares of the financial services provider’s stock valued at $135,816,000 after buying an additional 797,901 shares during the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Trading Down 0.2 %

NYSE SLF opened at $57.15 on Friday. Sun Life Financial Inc. has a 12 month low of $44.57 and a 12 month high of $58.51. The company’s 50-day moving average price is $55.53 and its 200-day moving average price is $52.05. The stock has a market cap of $32.95 billion, a PE ratio of 14.73, a PEG ratio of 1.47 and a beta of 1.00.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Monday, August 12th. The financial services provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The business had revenue of $6.52 billion for the quarter, compared to analyst estimates of $6.72 billion. Sun Life Financial had a net margin of 8.60% and a return on equity of 17.47%. As a group, sell-side analysts forecast that Sun Life Financial Inc. will post 4.88 earnings per share for the current year.

Sun Life Financial Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Wednesday, August 28th were issued a $0.587 dividend. This represents a $2.35 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend was Wednesday, August 28th. Sun Life Financial’s dividend payout ratio is 60.57%.

Wall Street Analysts Forecast Growth

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

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.