Bank of America Corp DE Makes New Investment in Sun Life Financial Inc. $SLF

Key Points

• Bank of America acquired 889,886 Sun Life Financial shares worth approximately $69.8 million during the second quarter, giving it a 0.16% stake. Institutional investors collectively own 52.26% of the company.
• Sun Life reported quarterly EPS of $1.46, exceeding analysts’ $1.39 estimate, while revenue reached $10.10 billion. The stock was trading at $81.28, near its 12-month high of $84.38.
• Sun Life declared a quarterly dividend of $0.96, equivalent to $3.84 annually and a 4.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.67.

Bank of America Corp DE purchased a new stake in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 889,886 shares of the financial services provider's stock, valued at approximately $69,785,000. Bank of America Corp DE owned 0.16% of Sun Life Financial as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Cassaday & Co Wealth Management LLC bought a new stake in shares of Sun Life Financial during the first quarter valued at approximately $25,000. First Bancorp Inc ME purchased a new position in Sun Life Financial during the second quarter valued at $35,000. Sittner & Nelson LLC purchased a new position in Sun Life Financial during the fourth quarter valued at $33,000. Scarborough Advisors LLC bought a new stake in Sun Life Financial in the 1st quarter valued at $33,000. Finally, Manchester Capital Management LLC purchased a new stake in Sun Life Financial in the 4th quarter worth $49,000. Institutional investors own 52.26% of the company's stock.

Sun Life Financial Trading Up 0.5%

SLF opened at $81.28 on Friday. The stock has a 50-day moving average of $80.68 and a 200 day moving average of $74.12. Sun Life Financial Inc. has a 12 month low of $57.22 and a 12 month high of $84.38. The firm has a market cap of $45.19 billion, a P/E ratio of 19.00, a P/E/G ratio of 2.02 and a beta of 0.87.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its earnings results on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.07. The firm had revenue of $10.10 billion during the quarter, compared to analysts' expectations of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. On average, research analysts forecast that Sun Life Financial Inc. will post 5.74 earnings per share for the current fiscal year.

Sun Life Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th will be issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Wednesday, August 26th. Sun Life Financial's dividend payout ratio (DPR) is 64.02%.

Wall Street Analyst Weigh In

Several research analysts have commented on SLF shares. Argus increased their price objective on shares of Sun Life Financial from $81.00 to $88.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Barclays reaffirmed an "underweight" rating on shares of Sun Life Financial in a report on Friday, August 7th. Scotiabank reissued a "sector perform" rating on shares of Sun Life Financial in a research note on Monday, August 10th. TD Securities restated a "buy" rating on shares of Sun Life Financial in a report on Friday, August 7th. Finally, Royal Bank Of Canada lifted their price objective on Sun Life Financial from $98.00 to $119.00 and gave the stock a "sector perform" rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Sun Life Financial currently has an average rating of "Moderate Buy" and a consensus price target of $98.67.

Sun Life Financial Profile

Sun Life Financial Inc is a Canada-based financial services company that provides insurance, wealth, and asset management products to individuals, businesses, and institutions. Its offerings include life, health, and dental insurance; retirement and investment solutions; group benefits; and financial planning services.

Through its asset management operations, Sun Life serves institutional and individual investors with investment management and related advisory services. The company also provides workplace benefit and retirement programs designed to support employers and their employees.

Founded in 1865, Sun Life serves customers in Canada, the United States, the United Kingdom, and several markets in Asia.

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