Bank of New York Mellon Corp Has $39.08 Million Stake in Sun Life Financial Inc. $SLF

Bank of New York Mellon Corp raised its stake in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 5.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 624,703 shares of the financial services provider's stock after acquiring an additional 34,696 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.11% of Sun Life Financial worth $39,081,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Cornerstone Planning Group LLC increased its position in Sun Life Financial by 68.4% during the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider's stock worth $26,000 after purchasing an additional 167 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new stake in Sun Life Financial in the fourth quarter valued at approximately $30,000. Sittner & Nelson LLC acquired a new stake in Sun Life Financial in the fourth quarter valued at approximately $33,000. Manchester Capital Management LLC bought a new stake in shares of Sun Life Financial during the fourth quarter worth $49,000. Finally, LOM Asset Management Ltd bought a new stake in shares of Sun Life Financial during the fourth quarter worth $53,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SLF has been the subject of a number of research reports. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Sun Life Financial in a research note on Friday, May 8th. Evercore lowered Sun Life Financial from an "outperform" rating to an "in-line" rating in a research report on Monday, July 13th. Wall Street Zen raised Sun Life Financial from a "sell" rating to a "hold" rating in a report on Sunday. TD Securities reiterated a "buy" rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Finally, National Bank Financial upgraded Sun Life Financial from a "sector perform" rating to an "outperform" rating in a report on Friday, April 24th. One equities research 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $84.67.

Sun Life Financial Stock Up 1.0%

Shares of Sun Life Financial stock opened at $82.19 on Friday. Sun Life Financial Inc. has a twelve month low of $56.22 and a twelve month high of $82.44. The stock has a market cap of $45.81 billion, a price-to-earnings ratio of 21.18 and a beta of 0.88. The company's fifty day moving average is $76.88 and its 200 day moving average is $69.56.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.03. The business had revenue of $6.41 billion during the quarter, compared to analyst estimates of $925.99 million. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.During the same period last year, the company earned $1.82 EPS. As a group, equities analysts anticipate that Sun Life Financial Inc. will post 5.69 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Wednesday, May 27th were paid a $0.96 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.92. This represents a $3.84 annualized dividend and a dividend yield of 4.7%. Sun Life Financial's payout ratio is currently 72.94%.

Sun Life Financial Company Profile

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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