Goldman Sachs Group Inc. Lowers Stock Holdings in Sun Life Financial Inc. $SLF

Goldman Sachs Group Inc. reduced its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 32.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,574,645 shares of the financial services provider’s stock after selling 773,647 shares during the period. Goldman Sachs Group Inc.’s holdings in Sun Life Financial were worth $98,258,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cornerstone Planning Group LLC grew its stake in Sun Life Financial by 68.4% in the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 167 shares during the period. Smartleaf Asset Management LLC grew its stake in Sun Life Financial by 184.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 588 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 381 shares during the period. LOM Asset Management Ltd purchased a new stake in Sun Life Financial in the 4th quarter worth approximately $53,000. Triumph Capital Management purchased a new stake in Sun Life Financial in the 3rd quarter worth approximately $64,000. Finally, EverSource Wealth Advisors LLC grew its stake in Sun Life Financial by 66.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,734 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 692 shares during the period. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Stock Up 0.6%

Shares of NYSE SLF opened at $73.93 on Wednesday. Sun Life Financial Inc. has a 52-week low of $56.22 and a 52-week high of $74.68. The firm has a fifty day moving average of $69.91 and a 200-day moving average of $65.29. The stock has a market capitalization of $40.96 billion, a PE ratio of 19.05 and a beta of 0.89.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.03. The company had revenue of $6.41 billion during the quarter, compared to analysts’ expectations of $925.99 million. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. During the same period in the previous year, the company earned $1.82 EPS. Equities research analysts expect that Sun Life Financial Inc. will post 5.72 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Wednesday, May 27th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s dividend payout ratio (DPR) is presently 72.94%.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Sun Life Financial in a research note on Friday, February 13th. Scotiabank reissued a “sector perform” rating on shares of Sun Life Financial in a research note on Wednesday, April 29th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. TD Cowen reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Finally, TD Securities reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.50.

About Sun Life Financial

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.