Bank of New York Mellon Corp trimmed its holdings in shares of Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) by 3.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 891,209 shares of the financial services provider’s stock after selling 31,226 shares during the quarter. Bank of New York Mellon Corp owned about 0.15% of Sun Life Financial worth $35,773,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of SLF. Franklin Resources Inc. increased its position in Sun Life Financial by 871.6% during the first quarter. Franklin Resources Inc. now owns 2,152,040 shares of the financial services provider’s stock worth $88,287,000 after buying an additional 1,930,551 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Sun Life Financial by 18.2% in the first quarter. The Manufacturers Life Insurance Company now owns 6,379,522 shares of the financial services provider’s stock valued at $262,326,000 after purchasing an additional 983,857 shares during the last quarter. CIBC World Markets Inc. grew its position in shares of Sun Life Financial by 9.0% in the first quarter. CIBC World Markets Inc. now owns 9,542,599 shares of the financial services provider’s stock valued at $392,392,000 after purchasing an additional 784,193 shares during the last quarter. Gluskin Sheff & Assoc Inc. grew its position in shares of Sun Life Financial by 18.5% in the first quarter. Gluskin Sheff & Assoc Inc. now owns 2,454,943 shares of the financial services provider’s stock valued at $100,820,000 after purchasing an additional 382,926 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Sun Life Financial in the first quarter valued at about $10,170,000. 41.18% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently issued reports on SLF shares. Zacks Investment Research raised Sun Life Financial from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, July 10th. CIBC downgraded Sun Life Financial from a “sector outperform” rating to a “neutral” rating in a research report on Monday, May 28th. Evercore ISI started coverage on Sun Life Financial in a research report on Tuesday, July 10th. They issued an “outperform” rating on the stock. Finally, ValuEngine downgraded Sun Life Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $54.00.

Shares of NYSE:SLF opened at $38.55 on Friday. The stock has a market capitalization of $23.70 billion, a PE ratio of 12.07 and a beta of 0.82. Sun Life Financial Inc has a 52-week low of $38.10 and a 52-week high of $44.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 4.06 and a current ratio of 4.06.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Wednesday, August 8th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.32. Sun Life Financial had a return on equity of 13.44% and a net margin of 9.24%. The company had revenue of $5.29 billion for the quarter. During the same period in the prior year, the business posted $1.12 earnings per share. sell-side analysts predict that Sun Life Financial Inc will post 3.57 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Wednesday, August 29th will be given a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date is Tuesday, August 28th. Sun Life Financial’s dividend payout ratio (DPR) is presently 45.63%.

About Sun Life Financial

Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients, high-net-worth individuals, and families. It operates through Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate segments.

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

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