Sun Life Financial Inc. (NYSE:SLF) Shares Acquired by Truist Financial Corp

Truist Financial Corp grew its holdings in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 8.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,838 shares of the financial services provider’s stock after buying an additional 629 shares during the period. Truist Financial Corp’s holdings in Sun Life Financial were worth $465,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of SLF. The Manufacturers Life Insurance Company increased its position in Sun Life Financial by 7.6% during the third quarter. The Manufacturers Life Insurance Company now owns 9,256,384 shares of the financial services provider’s stock worth $537,288,000 after purchasing an additional 654,404 shares during the last quarter. JPMorgan Chase & Co. increased its position in Sun Life Financial by 1.2% during the third quarter. JPMorgan Chase & Co. now owns 2,841,712 shares of the financial services provider’s stock worth $164,876,000 after purchasing an additional 34,072 shares during the last quarter. CIBC Asset Management Inc increased its position in Sun Life Financial by 10.8% during the fourth quarter. CIBC Asset Management Inc now owns 7,192,059 shares of the financial services provider’s stock worth $427,712,000 after purchasing an additional 703,391 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Sun Life Financial during the third quarter worth about $878,000. Finally, FMR LLC increased its position in Sun Life Financial by 5.2% during the third quarter. FMR LLC now owns 5,189,939 shares of the financial services provider’s stock worth $301,047,000 after purchasing an additional 257,178 shares during the last quarter. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Sun Life Financial Stock Performance

NYSE SLF opened at $55.89 on Tuesday. The firm has a 50 day simple moving average of $57.76 and a 200-day simple moving average of $57.74. Sun Life Financial Inc. has a one year low of $46.41 and a one year high of $62.85. The firm has a market cap of $32.02 billion, a price-to-earnings ratio of 14.55, a PEG ratio of 1.52 and a beta of 1.03.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $0.90 by $0.30. Sun Life Financial had a net margin of 8.08% and a return on equity of 16.86%. Equities analysts predict that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Wednesday, February 26th will be paid a $0.5876 dividend. This represents a $2.35 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Wednesday, February 26th. Sun Life Financial’s payout ratio is 60.16%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SLF. StockNews.com cut shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. National Bank Financial upgraded shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, January 15th. Finally, Cormark upgraded shares of Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Sun Life Financial Company 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.