Arrowstreet Capital Limited Partnership Boosts Stock Position in Sun Life Financial Inc. $SLF

Arrowstreet Capital Limited Partnership boosted its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 134.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 211,475 shares of the financial services provider’s stock after purchasing an additional 121,111 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Sun Life Financial were worth $14,053,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Private Trust Co. NA raised its position in shares of Sun Life Financial by 130.6% in the second quarter. Private Trust Co. NA now owns 429 shares of the financial services provider’s stock valued at $29,000 after buying an additional 243 shares during the last quarter. Westside Investment Management Inc. lifted its stake in shares of Sun Life Financial by 62.8% during the 2nd quarter. Westside Investment Management Inc. now owns 578 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 223 shares during the period. Tobam acquired a new stake in shares of Sun Life Financial during the second quarter worth $44,000. Addison Advisors LLC grew its position in shares of Sun Life Financial by 48.8% in the second quarter. Addison Advisors LLC now owns 704 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 231 shares during the period. Finally, MAI Capital Management increased its stake in Sun Life Financial by 121.8% in the second quarter. MAI Capital Management now owns 896 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 492 shares during the last quarter. 52.26% of the stock is owned by institutional investors and hedge funds.

Sun Life Financial Price Performance

Shares of NYSE SLF opened at $58.45 on Tuesday. Sun Life Financial Inc. has a 1-year low of $52.44 and a 1-year high of $66.81. The company has a market capitalization of $32.48 billion, a price-to-earnings ratio of 15.54 and a beta of 0.87. The business has a 50-day moving average of $60.07 and a 200-day moving average of $61.01.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, November 5th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.30 by $0.05. The business had revenue of $944.53 million for the quarter, compared to the consensus estimate of $944.53 million. Sun Life Financial had a return on equity of 16.93% and a net margin of 7.53%.During the same period last year, the business posted $2.33 EPS. Research analysts expect that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, November 26th will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.64. This represents a $3.68 dividend on an annualized basis and a dividend yield of 6.3%. Sun Life Financial’s dividend payout ratio is presently 69.68%.

Wall Street Analyst Weigh In

Several analysts have commented on SLF shares. Argus upgraded Sun Life Financial to a “strong-buy” rating in a report on Thursday, September 4th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $84.00 price target on shares of Sun Life Financial in a research report on Monday, November 10th. Morgan Stanley set a $89.00 price target on shares of Sun Life Financial in a research note on Tuesday, October 7th. Cibc Captl Mkts cut shares of Sun Life Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 29th. Finally, TD Securities raised Sun Life Financial from a “hold” rating to a “buy” rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $86.50.

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.