First Trust Advisors LP Has $36.31 Million Stake in Sun Life Financial Inc. $SLF

First Trust Advisors LP reduced its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 13.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 580,306 shares of the financial services provider’s stock after selling 90,066 shares during the period. First Trust Advisors LP owned about 0.10% of Sun Life Financial worth $36,306,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Cassaday & Co Wealth Management LLC purchased a new stake in Sun Life Financial in the 1st quarter valued at $25,000. Cornerstone Planning Group LLC lifted 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 valued at $26,000 after acquiring an additional 167 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new position in Sun Life Financial during the 4th quarter worth $30,000. Sittner & Nelson LLC purchased a new position in Sun Life Financial during the 4th quarter worth $33,000. Finally, Scarborough Advisors LLC bought a new stake in shares of Sun Life Financial in the 1st quarter worth $33,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Price Performance

NYSE SLF opened at $82.95 on Tuesday. The business’s fifty day moving average is $77.09 and its 200-day moving average is $69.74. The stock has a market capitalization of $46.23 billion, a price-to-earnings ratio of 21.38 and a beta of 0.88. Sun Life Financial Inc. has a one year low of $56.22 and a one year high of $83.05.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.03. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. The company had revenue of $6.41 billion during the quarter, compared to analyst estimates of $925.99 million. During the same quarter in the prior year, the business earned $1.82 earnings per share. Research analysts expect that Sun Life Financial Inc. will post 5.69 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Wednesday, May 27th were paid a $0.96 dividend. The ex-dividend date was Wednesday, May 27th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 dividend on an annualized basis and a yield of 4.6%. Sun Life Financial’s dividend payout ratio is presently 72.94%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. TD Securities reiterated a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. Wall Street Zen raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Sunday. National Bank Financial raised shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Friday, April 24th. Barclays restated an “underweight” rating on shares of Sun Life Financial in a research note on Tuesday, July 7th. Finally, Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Sun Life Financial currently has a consensus rating of “Moderate Buy” and an average price target of $84.67.

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.