Sun Life Financial Inc. (NYSE:SLF) Stock Holdings Lessened by LGT Group Foundation

LGT Group Foundation reduced its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 94.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,922 shares of the financial services provider’s stock after selling 260,964 shares during the quarter. LGT Group Foundation’s holdings in Sun Life Financial were worth $781,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Sun Life Financial during the 4th quarter valued at $335,757,000. TD Asset Management Inc grew its stake in Sun Life Financial by 34.7% in the fourth quarter. TD Asset Management Inc now owns 15,665,551 shares of the financial services provider’s stock valued at $816,424,000 after purchasing an additional 4,035,394 shares in the last quarter. Toronto Dominion Bank increased its position in Sun Life Financial by 42.8% in the 1st quarter. Toronto Dominion Bank now owns 6,642,564 shares of the financial services provider’s stock worth $362,551,000 after purchasing an additional 1,991,360 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Sun Life Financial by 16.5% during the 2nd quarter. CIBC Asset Management Inc now owns 6,407,407 shares of the financial services provider’s stock worth $313,976,000 after purchasing an additional 905,679 shares in the last quarter. Finally, Intact Investment Management Inc. lifted its holdings in shares of Sun Life Financial by 423.9% during the 2nd quarter. Intact Investment Management Inc. now owns 1,017,964 shares of the financial services provider’s stock valued at $49,909,000 after buying an additional 823,670 shares during the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Stock Up 0.7 %

NYSE:SLF opened at $55.01 on Tuesday. The company’s 50 day moving average is $50.98 and its 200-day moving average is $51.47. Sun Life Financial Inc. has a 12 month low of $44.57 and a 12 month high of $55.65. The firm has a market cap of $31.77 billion, a price-to-earnings ratio of 14.07, a P/E/G ratio of 1.40 and a beta of 1.00.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Monday, August 12th. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The firm had revenue of $6.52 billion during the quarter, compared to analyst estimates of $6.72 billion. Sun Life Financial had a net margin of 8.60% and a return on equity of 17.47%. Research analysts predict that Sun Life Financial Inc. will post 4.86 EPS for the current fiscal year.

Sun Life Financial Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Wednesday, August 28th will be paid a dividend of $0.587 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $2.35 annualized dividend and a yield of 4.27%. Sun Life Financial’s payout ratio is 60.10%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SLF shares. Argus raised shares of Sun Life Financial to a “strong-buy” rating in a research report on Monday, June 3rd. Barclays started coverage on shares of Sun Life Financial in a research note on Thursday, September 5th. They issued an “equal weight” rating for the company.

About Sun Life Financial

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.