Canada Pension Plan Investment Board boosted its position in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 1,847.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 888,194 shares of the financial services provider’s stock after buying an additional 842,594 shares during the period. Canada Pension Plan Investment Board’s holdings in Sun Life Financial were worth $31,706,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SLF. Pioneer Investment Management Inc. boosted its position in shares of Sun Life Financial by 20.4% in the second quarter. Pioneer Investment Management Inc. now owns 913,825 shares of the financial services provider’s stock valued at $32,670,000 after buying an additional 154,823 shares in the last quarter. TD Asset Management Inc. boosted its position in shares of Sun Life Financial by 1.7% in the second quarter. TD Asset Management Inc. now owns 20,568,078 shares of the financial services provider’s stock valued at $734,224,000 after buying an additional 351,938 shares in the last quarter. Tdam USA Inc. boosted its position in shares of Sun Life Financial by 10.3% in the second quarter. Tdam USA Inc. now owns 8,602 shares of the financial services provider’s stock valued at $307,000 after buying an additional 800 shares in the last quarter. Sei Investments Co. boosted its position in shares of Sun Life Financial by 63.2% in the second quarter. Sei Investments Co. now owns 29,339 shares of the financial services provider’s stock valued at $1,049,000 after buying an additional 11,364 shares in the last quarter. Finally, K.J. Harrison & Partners Inc bought a new position in shares of Sun Life Financial during the second quarter valued at about $1,951,000. Hedge funds and other institutional investors own 43.01% of the company’s stock.

Shares of Sun Life Financial Inc. (NYSE:SLF) opened at 38.13 on Friday. The company’s 50-day moving average is $37.03 and its 200 day moving average is $36.18. The company has a market cap of $23.40 billion, a price-to-earnings ratio of 11.82 and a beta of 0.88. Sun Life Financial Inc. has a 1-year low of $30.38 and a 1-year high of $40.57.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its earnings results on Wednesday, August 9th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The business had revenue of $8.12 billion for the quarter, compared to the consensus estimate of $7.36 billion. Sun Life Financial had a net margin of 12.48% and a return on equity of 13.32%. The company’s revenue for the quarter was down 14.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. Equities analysts anticipate that Sun Life Financial Inc. will post $3.15 EPS for the current year.

Sun Life Financial declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 9th that permits the company to repurchase 11,500,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Wednesday, August 30th will be given a dividend of $0.3439 per share. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Monday, August 28th. This represents a $1.38 dividend on an annualized basis and a yield of 3.61%. Sun Life Financial’s dividend payout ratio (DPR) is 40.06%.

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Several brokerages recently issued reports on SLF. TD Securities boosted their price target on shares of Sun Life Financial from $50.00 to $51.00 and gave the company a “hold” rating in a research report on Thursday. Zacks Investment Research upgraded shares of Sun Life Financial from a “sell” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Wednesday, July 12th. Bank of America Corporation upgraded shares of Sun Life Financial from an “underperform” rating to a “hold” rating in a research report on Monday, July 10th. BidaskClub upgraded shares of Sun Life Financial from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Finally, ValuEngine upgraded shares of Sun Life Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, June 28th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Sun Life Financial currently has a consensus rating of “Hold” and a consensus price target of $45.80.

About Sun Life Financial

Sun Life Financial Inc is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. It operates through five segments. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.

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Institutional Ownership by Quarter for Sun Life Financial (NYSE:SLF)

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