Bank of New York Mellon Corp Invests $52.23 Million in Sun Life Financial Inc. $SLF

Key Points

• Bank of New York Mellon purchased 665,994 shares of Sun Life Financial worth approximately $52.23 million, representing about 0.12% of the company. Institutional investors and hedge funds collectively own 52.26% of Sun Life’s stock.
• Sun Life reported quarterly earnings of $1.46 per share, beating analysts’ $1.39 estimate. The company also declared a quarterly dividend of $0.96, equivalent to a 4.9% yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $96.33, compared with the stock’s recent price of $78.64.

Bank of New York Mellon Corp bought a new stake in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 665,994 shares of the financial services provider's stock, valued at approximately $52,227,000. Bank of New York Mellon Corp owned about 0.12% of Sun Life Financial at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Louisbourg Investments Inc. grew its holdings in shares of Sun Life Financial by 3.0% during the first quarter. Louisbourg Investments Inc. now owns 5,105 shares of the financial services provider's stock worth $319,000 after purchasing an additional 150 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in shares of Sun Life Financial by 68.4% during the fourth 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. Candriam S.C.A. grew its stake in shares of Sun Life Financial by 1.8% during the first quarter. Candriam S.C.A. now owns 9,794 shares of the financial services provider's stock valued at $612,000 after purchasing an additional 177 shares during the last quarter. HB Wealth Management LLC grew its stake in shares of Sun Life Financial by 4.7% during the first quarter. HB Wealth Management LLC now owns 4,158 shares of the financial services provider's stock valued at $260,000 after purchasing an additional 187 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of Sun Life Financial by 3.5% during the first quarter. Sei Investments Co. now owns 5,788 shares of the financial services provider's stock valued at $362,000 after purchasing an additional 196 shares during the last quarter. 52.26% of the stock is owned by institutional investors and hedge funds.

Sun Life Financial Stock Performance

Shares of SLF stock opened at $78.64 on Friday. Sun Life Financial Inc. has a 52 week low of $57.22 and a 52 week high of $84.38. The company's 50 day moving average price is $80.32 and its two-hundred day moving average price is $72.63. The company has a market capitalization of $43.83 billion, a P/E ratio of 18.38 and a beta of 0.88.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its quarterly earnings results on Thursday, August 6th. The financial services provider reported $1.46 earnings per share 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 the consensus estimate of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. Analysts forecast that Sun Life Financial Inc. will post 5.72 earnings per share for the current year.

Sun Life Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Wednesday, August 26th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. Sun Life Financial's dividend payout ratio (DPR) is currently 64.02%.

Analyst Ratings Changes

SLF has been the subject of several research analyst reports. Evercore cut shares of Sun Life Financial from an "outperform" rating to an "in-line" rating in a research report on Monday, July 13th. TD Securities reissued a "buy" rating on shares of Sun Life Financial in a research note on Friday, August 7th. Barclays restated an "underweight" rating on shares of Sun Life Financial in a research report on Friday, August 7th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Sun Life Financial in a research note on Friday, May 8th. Finally, Weiss Ratings upgraded Sun Life Financial from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, August 11th. One investment 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $96.33.

Sun Life Financial 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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