Connor Clark & Lunn Investment Management Ltd. Buys Shares of 1,315,807 Sun Life Financial Inc. $SLF

Connor Clark & Lunn Investment Management Ltd. bought a new position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,315,807 shares of the financial services provider’s stock, valued at approximately $103,203,000. Connor Clark & Lunn Investment Management Ltd. owned 0.24% of Sun Life Financial as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SLF. Cassaday & Co Wealth Management LLC bought a new stake in shares of Sun Life Financial in the 1st quarter valued at $25,000. Cornerstone Planning Group LLC raised its stake in Sun Life Financial by 68.4% during the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock worth $26,000 after buying an additional 167 shares during the period. Brown Brothers Harriman & Co. bought a new position in Sun Life Financial during the fourth quarter worth about $30,000. Sittner & Nelson LLC bought a new position in Sun Life Financial during the fourth quarter worth about $33,000. Finally, Scarborough Advisors LLC acquired a new position in Sun Life Financial in the first quarter valued at about $33,000. 52.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SLF. Wall Street Zen raised Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 26th. Evercore cut Sun Life Financial from an “outperform” rating to an “in-line” rating in a research note on Monday, July 13th. TD Cowen restated a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. Barclays reaffirmed an “underweight” rating on shares of Sun Life Financial in a research note on Friday, August 7th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Sun Life Financial in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.33.

Sun Life Financial Stock Performance

NYSE:SLF opened at $79.07 on Monday. The stock has a 50-day simple moving average of $80.21 and a 200 day simple moving average of $72.23. Sun Life Financial Inc. has a 52-week low of $57.22 and a 52-week high of $84.38. The company has a market cap of $44.07 billion, a PE ratio of 18.48 and a beta of 0.88.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.39 by $0.07. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%.The firm had revenue of $10.10 billion for the quarter, compared to analysts’ expectations of $994.33 million. On average, research analysts predict that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th will be issued a $0.96 dividend. The ex-dividend date is Wednesday, August 26th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. Sun Life Financial’s dividend payout ratio (DPR) is 66.12%.

Sun Life Financial Company Profile

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.