Pictet Asset Management Holding SA Sells 142,734 Shares of Sun Life Financial Inc. $SLF

Pictet Asset Management Holding SA cut its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 33.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 283,811 shares of the financial services provider’s stock after selling 142,734 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Sun Life Financial were worth $22,173,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Kestra Advisory Services LLC grew its position in Sun Life Financial by 1.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 21,362 shares of the financial services provider’s stock worth $1,666,000 after purchasing an additional 287 shares during the period. Commonwealth Equity Services LLC raised its stake in Sun Life Financial by 1.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 56,302 shares of the financial services provider’s stock valued at $4,390,000 after buying an additional 778 shares during the last quarter. Basso Capital Management L.P. purchased a new stake in Sun Life Financial during the 3rd quarter valued at $247,000. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Sun Life Financial by 185.0% during the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,157 shares of the financial services provider’s stock valued at $90,000 after buying an additional 751 shares during the period. Finally, Vise Technologies Inc. lifted its holdings in shares of Sun Life Financial by 14.7% during the 3rd quarter. Vise Technologies Inc. now owns 19,779 shares of the financial services provider’s stock valued at $1,542,000 after buying an additional 2,531 shares during the period. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Price Performance

NYSE:SLF opened at $73.80 on Thursday. Sun Life Financial Inc. has a one year low of $57.22 and a one year high of $84.38. The business has a fifty day moving average price of $78.89 and a 200-day moving average price of $73.84. The firm has a market capitalization of $40.99 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 1.92 and a beta of 0.86.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, November 4th. The financial services provider reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.02. Sun Life Financial had a return on equity of 18.21% and a net margin of 8.62%. The company had revenue of $986.89 million for the quarter, compared to the consensus estimate of $986.89 million. On average, equities research analysts expect that Sun Life Financial Inc. will post 5.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Weiss Ratings raised Sun Life Financial from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, October 29th. Scotiabank raised Sun Life Financial from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, October 27th. UBS Group reissued a “neutral” rating on shares of Sun Life Financial in a research report on Wednesday, September 2nd. TD Securities downgraded Sun Life Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 5th. Finally, Wall Street Zen raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $103.50.

Sun Life Financial Profile

Sun Life Financial Inc. is a Canadian financial services company that provides insurance, wealth management and asset management services. Founded in 1865 as Sun Life Assurance Company of Canada, it has grown into an international business serving individual, workplace and institutional clients. The company offers life, health and dental insurance, disability coverage and group benefits, as well as savings, retirement and investment products. Its asset management businesses provide investment management services to individuals and institutions.