Pictet Asset Management Ltd. Buys Shares of 329,339 Sun Life Financial Inc (SLF)
Pictet Asset Management Ltd. bought a new position in Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 329,339 shares of the financial services provider’s stock, valued at approximately $13,083,000. Pictet Asset Management Ltd. owned about 0.05% of Sun Life Financial as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in SLF. Daiwa Securities Group Inc. bought a new position in Sun Life Financial in the 2nd quarter worth about $177,000. State of Wisconsin Investment Board increased its stake in Sun Life Financial by 8.6% in the 2nd quarter. State of Wisconsin Investment Board now owns 808,216 shares of the financial services provider’s stock worth $32,459,000 after acquiring an additional 63,959 shares during the last quarter. Toronto Dominion Bank increased its stake in Sun Life Financial by 36.9% in the 2nd quarter. Toronto Dominion Bank now owns 9,075,777 shares of the financial services provider’s stock worth $367,220,000 after acquiring an additional 2,447,503 shares during the last quarter. Gideon Capital Advisors Inc. bought a new position in Sun Life Financial in the 2nd quarter worth about $218,000. Finally, Twin Tree Management LP bought a new position in Sun Life Financial in the 2nd quarter worth about $587,000. Institutional investors and hedge funds own 40.99% of the company’s stock.
SLF opened at $34.51 on Friday. Sun Life Financial Inc has a 12-month low of $34.20 and a 12-month high of $44.50. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.06 and a quick ratio of 4.06. The stock has a market capitalization of $21.71 billion, a PE ratio of 10.78 and a beta of 0.82.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Wednesday, November 28th will be issued a $0.38 dividend. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend is Tuesday, November 27th. Sun Life Financial’s dividend payout ratio is presently 47.50%.
A number of brokerages have weighed in on SLF. Canaccord Genuity restated an “average” rating and issued a $53.00 target price on shares of Sun Life Financial in a research note on Friday, November 9th. Zacks Investment Research upgraded Sun Life Financial from a “sell” rating to a “hold” rating in a report on Monday, August 20th. Desjardins reiterated a “buy” rating on shares of Sun Life Financial in a report on Tuesday, October 16th. Finally, Barclays reiterated a “buy” rating on shares of Sun Life Financial in a report on Friday, November 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $54.00.
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Sun Life Financial Profile
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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