Acadian Asset Management LLC Purchases 31,500 Shares of Sun Life Financial Inc. $SLF

Key Points

• Acadian Asset Management LLC increased its stake in Sun Life Financial Inc. by 45.3% during the first quarter, holding 101,000 shares worth approximately $5.78 million.
• Sun Life Financial reported a quarterly earnings per share (EPS) of $1.29, matching analysts' expectations, but missed revenue projections with $6.65 billion against expected $7.34 billion.
• Several analysts adjusted their ratings for Sun Life Financial, with National Bank Financial downgrading it to a "hold" while Argus upgraded it to a "strong-buy", reflecting mixed sentiment among industry experts.

Acadian Asset Management LLC lifted its stake in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 45.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,000 shares of the financial services provider's stock after purchasing an additional 31,500 shares during the period. Acadian Asset Management LLC's holdings in Sun Life Financial were worth $5,776,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SLF. Benjamin Edwards Inc. grew its stake in shares of Sun Life Financial by 3.4% during the first quarter. Benjamin Edwards Inc. now owns 5,052 shares of the financial services provider's stock worth $289,000 after purchasing an additional 167 shares during the period. NorthCrest Asset Manangement LLC grew its position in shares of Sun Life Financial by 1.7% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 10,801 shares of the financial services provider's stock worth $618,000 after buying an additional 180 shares during the period. HighPoint Advisor Group LLC increased its stake in shares of Sun Life Financial by 4.4% in the 1st quarter. HighPoint Advisor Group LLC now owns 4,330 shares of the financial services provider's stock valued at $256,000 after acquiring an additional 181 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of Sun Life Financial by 0.4% in the 1st quarter. Public Sector Pension Investment Board now owns 55,447 shares of the financial services provider's stock valued at $3,173,000 after acquiring an additional 200 shares during the period. Finally, Tidal Investments LLC boosted its stake in Sun Life Financial by 4.5% during the 4th quarter. Tidal Investments LLC now owns 5,147 shares of the financial services provider's stock worth $305,000 after acquiring an additional 222 shares during the last quarter. Institutional investors and hedge funds own 52.26% of the company's stock.

Sun Life Financial Stock Performance

Sun Life Financial stock traded up $0.46 during midday trading on Monday, reaching $59.69. The stock had a trading volume of 386,295 shares, compared to its average volume of 601,900. The stock has a market capitalization of $33.55 billion, a P/E ratio of 14.77, a price-to-earnings-growth ratio of 1.59 and a beta of 0.89. The firm's fifty day simple moving average is $59.92 and its 200-day simple moving average is $60.08. Sun Life Financial Inc. has a 1-year low of $52.44 and a 1-year high of $66.81.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last issued its quarterly earnings results on Thursday, August 7th. The financial services provider reported $1.29 earnings per share for the quarter, hitting the consensus estimate of $1.29. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.21%. The company had revenue of $6.65 billion during the quarter, compared to analysts' expectations of $7.34 billion. During the same period last year, the business earned $1.11 EPS. On average, sell-side analysts anticipate that Sun Life Financial Inc. will post 5.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Argus upgraded shares of Sun Life Financial to a "strong-buy" rating in a report on Thursday, September 4th. Scotiabank raised Sun Life Financial to a "hold" rating in a research note on Thursday, July 31st. National Bank Financial cut Sun Life Financial from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Finally, Barclays lowered Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Sun Life Financial presently has an average rating of "Moderate Buy" and an average price target of $88.00.

Sun Life Financial Profile

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.