Bank of Nova Scotia Buys 878,031 Shares of Sun Life Financial Inc. $SLF

Bank of Nova Scotia lifted its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 14.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,869,280 shares of the financial services provider’s stock after acquiring an additional 878,031 shares during the quarter. Sun Life Financial makes up 0.7% of Bank of Nova Scotia’s holdings, making the stock its 23rd biggest holding. Bank of Nova Scotia’s holdings in Sun Life Financial were worth $430,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SLF. Cassaday & Co Wealth Management LLC bought a new position in Sun Life Financial during the 1st quarter worth approximately $25,000. Cornerstone Planning Group LLC increased its position in shares of Sun Life Financial by 68.4% during the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock worth $26,000 after buying an additional 167 shares during the period. Brown Brothers Harriman & Co. bought a new position in Sun Life Financial during the fourth quarter worth $30,000. Sittner & Nelson LLC acquired a new position in Sun Life Financial in the fourth quarter valued at $33,000. Finally, Scarborough Advisors LLC acquired a new position in Sun Life Financial in the first quarter valued at $33,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Sun Life Financial Price Performance

Shares of Sun Life Financial stock opened at $81.46 on Friday. The business has a 50-day simple moving average of $76.68 and a 200 day simple moving average of $69.47. Sun Life Financial Inc. has a one year low of $56.22 and a one year high of $82.25. The firm has a market capitalization of $45.40 billion, a price-to-earnings ratio of 21.00 and a beta of 0.88.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.03. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.The business had revenue of $6.41 billion for the quarter, compared to analyst estimates of $925.99 million. During the same quarter in the prior year, the company earned $1.82 earnings per share. On average, sell-side analysts expect that Sun Life Financial Inc. will post 5.69 EPS for the current year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th were issued a $0.96 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.7%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s dividend payout ratio (DPR) is 72.94%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. Argus set a $81.00 price objective on Sun Life Financial in a research note on Wednesday, June 10th. Scotiabank restated a “sector perform” rating on shares of Sun Life Financial in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Sun Life Financial in a research note on Monday, July 6th. Finally, TD Securities reiterated a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Sun Life Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Company 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.