24,466 Shares in Sun Life Financial Inc. $SLF Purchased by Ieq Capital LLC

Key Points

• Ieq Capital LLC acquired 24,466 shares of Sun Life Financial during the second quarter, valued at approximately $1.92 million. Institutional investors collectively own 52.26% of the company.
• Sun Life reported quarterly EPS of $1.46, surpassing the $1.39 analyst consensus estimate. Shares opened at $79.94, within a 52-week range of $57.22 to $84.38.
• The company declared a quarterly dividend of $0.96 per share, equivalent to an annualized yield of about 4.8%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $96.33.

Ieq Capital LLC acquired a new position in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,466 shares of the financial services provider's stock, valued at approximately $1,919,000.

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

Sun Life Financial Stock Performance

Shares of NYSE:SLF opened at $79.94 on Wednesday. Sun Life Financial Inc. has a fifty-two week low of $57.22 and a fifty-two week high of $84.38. The business has a 50-day simple moving average of $80.31 and a two-hundred day simple moving average of $72.44. The firm has a market cap of $44.55 billion, a price-to-earnings ratio of 18.69 and a beta of 0.88.

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

Sun Life Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Wednesday, August 26th. Sun Life Financial's payout ratio is 66.12%.

Analyst Upgrades and Downgrades

Several analysts recently commented on SLF shares. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research report on Friday, May 8th. TD Securities reiterated a "buy" rating on shares of Sun Life Financial in a research note on Friday, August 7th. Royal Bank Of Canada increased their price target on shares of 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 downgraded shares of Sun Life Financial from an "outperform" rating to an "in-line" rating in a research report on Monday, July 13th. Finally, Weiss Ratings upgraded shares of Sun Life Financial from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

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.

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