Jarislowsky Fraser Ltd Raises Position in Sun Life Financial Inc. (SLF)
Jarislowsky Fraser Ltd boosted its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 7.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 317,801 shares of the financial services provider’s stock after buying an additional 21,877 shares during the quarter. Jarislowsky Fraser Ltd owned approximately 0.05% of Sun Life Financial worth $12,626,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Motco increased its holdings in Sun Life Financial by 2.2% during the second quarter. Motco now owns 95,000 shares of the financial services provider’s stock valued at $3,396,000 after buying an additional 2,082 shares during the period. Delta Lloyd Asset Management N.V. purchased a new position in Sun Life Financial during the second quarter valued at approximately $2,259,000. Tobam increased its holdings in Sun Life Financial by 30.7% during the second quarter. Tobam now owns 36,600 shares of the financial services provider’s stock valued at $1,307,000 after buying an additional 8,600 shares during the period. Arlington Capital Management Inc. purchased a new position in Sun Life Financial during the second quarter valued at approximately $2,625,000. Finally, APG Asset Management N.V. increased its holdings in Sun Life Financial by 4.0% during the second quarter. APG Asset Management N.V. now owns 1,431,929 shares of the financial services provider’s stock valued at $66,384,000 after buying an additional 55,400 shares during the period. 40.98% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on SLF. BidaskClub raised shares of Sun Life Financial from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 19th. TD Securities raised their target price on shares of Sun Life Financial from $50.00 to $51.00 and gave the company a “hold” rating in a research note on Thursday, August 10th. Zacks Investment Research downgraded shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Finally, Morgan Stanley raised their target price on shares of Sun Life Financial from $52.00 to $53.00 and gave the company an “equal weight” rating in a research note on Thursday, October 5th. Nine investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $50.00.
Shares of Sun Life Financial Inc. (NYSE SLF) opened at $38.93 on Tuesday. The firm has a market cap of $23,793.65, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 1.77 and a beta of 0.92. Sun Life Financial Inc. has a one year low of $32.22 and a one year high of $40.57. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 0.21.
Sun Life Financial announced that its board has approved a stock buyback program on Wednesday, August 9th that authorizes the company to buyback 11,500,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Wednesday, November 29th will be paid a $0.3565 dividend. This represents a $1.43 annualized dividend and a yield of 3.66%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.34. The ex-dividend date is Tuesday, November 28th. Sun Life Financial’s dividend payout ratio (DPR) is 42.12%.
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Sun Life Financial Profile
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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