Wellington Management Group LLP Buys Shares of 2,810,328 Sun Life Financial Inc. $SLF

Wellington Management Group LLP bought a new position in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) in the 2nd quarter, HoldingsChannel reports. The fund bought 2,810,328 shares of the financial services provider’s stock, valued at approximately $220,567,000.

Other institutional investors have also made changes to their positions in the company. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Sun Life Financial in the 1st quarter valued at approximately $25,000. Cornerstone Planning Group LLC boosted its position in shares of 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 purchasing an additional 167 shares during the period. Brown Brothers Harriman & Co. acquired a new stake in Sun Life Financial in the 4th quarter valued at approximately $30,000. Sittner & Nelson LLC acquired a new stake in Sun Life Financial in the 4th quarter valued at approximately $33,000. Finally, Scarborough Advisors LLC purchased a new stake in Sun Life Financial in the first quarter valued at approximately $33,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on SLF shares. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. Royal Bank Of Canada boosted their price objective on Sun Life Financial from $98.00 to $119.00 and gave the company a “sector perform” rating in a report on Monday, August 10th. Evercore lowered Sun Life Financial from an “outperform” rating to an “in-line” rating in a research note on Monday, July 13th. Argus set a $81.00 target price on Sun Life Financial in a report on Wednesday, June 10th. Finally, Weiss Ratings raised Sun Life Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.33.

Sun Life Financial Stock Up 0.1%

Sun Life Financial stock opened at $78.82 on Monday. The firm has a market cap of $43.93 billion, a PE ratio of 18.42 and a beta of 0.88. Sun Life Financial Inc. has a 52-week low of $57.22 and a 52-week high of $84.38. The company’s 50 day moving average is $80.32 and its two-hundred day moving average is $72.73.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly 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. The company had revenue of $10.10 billion during the quarter, compared to analysts’ expectations of $994.33 million. Sun Life Financial had a net margin of 7.66% and a return on equity of 17.96%. On average, equities research analysts anticipate that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Wednesday, August 26th. Sun Life Financial’s dividend payout ratio (DPR) is presently 64.02%.

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.