1832 Asset Management L.P. Buys 499,009 Shares of Sun Life Financial Inc. (NYSE:SLF)

1832 Asset Management L.P. increased its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 5.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,216,206 shares of the financial services provider’s stock after acquiring an additional 499,009 shares during the quarter. Sun Life Financial makes up 0.4% of 1832 Asset Management L.P.’s investment portfolio, making the stock its 26th largest position. 1832 Asset Management L.P. owned approximately 1.77% of Sun Life Financial worth $500,492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Frank Rimerman Advisors LLC bought a new position in Sun Life Financial during the 2nd quarter worth approximately $1,151,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Sun Life Financial by 19.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,131 shares of the financial services provider’s stock worth $153,000 after buying an additional 512 shares during the period. Intech Investment Management LLC lifted its holdings in Sun Life Financial by 65.5% in the 2nd quarter. Intech Investment Management LLC now owns 59,429 shares of the financial services provider’s stock worth $2,913,000 after buying an additional 23,527 shares during the period. MQS Management LLC purchased a new stake in Sun Life Financial in the 2nd quarter worth approximately $544,000. Finally, Sienna Gestion lifted its holdings in Sun Life Financial by 1.1% in the 2nd quarter. Sienna Gestion now owns 150,985 shares of the financial services provider’s stock worth $7,397,000 after buying an additional 1,571 shares during the period. 52.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SLF shares. Barclays started coverage on Sun Life Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company. Argus upgraded Sun Life Financial to a “strong-buy” rating in a report on Monday, June 3rd.

Sun Life Financial Stock Down 0.5 %

SLF opened at $56.59 on Friday. The stock has a market cap of $32.81 billion, a PE ratio of 14.47, a PEG ratio of 1.45 and a beta of 1.00. The business has a 50 day moving average of $52.18 and a 200-day moving average of $51.63. Sun Life Financial Inc. has a 52 week low of $44.57 and a 52 week high of $57.20.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Monday, August 12th. The financial services provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.07. The company had revenue of $6.52 billion during the quarter, compared to analysts’ expectations of $6.72 billion. Sun Life Financial had a return on equity of 17.47% and a net margin of 8.60%. Equities analysts anticipate that Sun Life Financial Inc. will post 4.86 EPS for the current year.

Sun Life Financial Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th will be paid a $0.587 dividend. This represents a $2.35 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date is Wednesday, August 28th. Sun Life Financial’s payout ratio is presently 59.85%.

About Sun Life Financial

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.