Virginia Retirement Systems ET AL bought a new stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 170,000 shares of the financial services provider’s stock, valued at approximately $6,754,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jones Collombin Investment Counsel Inc grew its stake in shares of Sun Life Financial by 20.2% during the second quarter. Jones Collombin Investment Counsel Inc now owns 2,826 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 475 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Sun Life Financial by 147.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,628 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 2,163 shares during the period. Bronfman E.L. Rothschild L.P. grew its stake in shares of Sun Life Financial by 24.8% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 4,475 shares of the financial services provider’s stock worth $160,000 after purchasing an additional 888 shares during the period. Captrust Financial Advisors acquired a new stake in shares of Sun Life Financial during the second quarter worth $162,000. Finally, Advisory Services Network LLC grew its stake in shares of Sun Life Financial by 0.7% during the second quarter. Advisory Services Network LLC now owns 5,338 shares of the financial services provider’s stock worth $191,000 after purchasing an additional 38 shares during the period. 41.19% of the stock is owned by institutional investors.

Sun Life Financial Inc. (SLF) traded up $0.31 during trading hours on Thursday, reaching $39.57. The company’s stock had a trading volume of 610,400 shares, compared to its average volume of 425,126. Sun Life Financial Inc. has a 1 year low of $32.22 and a 1 year high of $40.57. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $24,026.20, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.79 and a beta of 0.92.

Sun Life Financial declared that its board has initiated a share repurchase plan on Wednesday, August 9th that allows the company to repurchase 11,500,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

The firm 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 dividend on an annualized basis and a yield of 3.60%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.34. The ex-dividend date is Tuesday, November 28th. Sun Life Financial’s payout ratio is presently 43.33%.

A number of equities research analysts recently commented on SLF shares. BMO Capital Markets reaffirmed a “hold” rating and set a $52.00 price objective on shares of Sun Life Financial in a research note on Friday, November 24th. Zacks Investment Research cut Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. TD Securities lifted their price objective on Sun Life Financial from $50.00 to $51.00 and gave the stock a “hold” rating in a research note on Thursday, August 10th. Morgan Stanley lifted their price objective on Sun Life Financial from $52.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 5th. Finally, BidaskClub raised Sun Life Financial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 19th. Eight equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Sun Life Financial has a consensus rating of “Hold” and an average price target of $50.40.

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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.

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

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