Sun Life Financial Inc. (NYSE:SLF) Shares Purchased by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia increased its ownership in Sun Life Financial Inc. by 4.8%, acquiring an additional 266,732 shares, bringing its total holdings to 5,780,001 shares.
• Sun Life Financial recently raised its quarterly dividend from $0.59 to $0.6332, resulting in an annualized dividend of $2.53 and a yield of 4.2%.
• As of now, Sun Life Financial maintains a consensus rating of "Moderate Buy" among analysts, with an average target price of $88.00.

Bank of Nova Scotia increased its holdings in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 4.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,780,001 shares of the financial services provider's stock after buying an additional 266,732 shares during the period. Sun Life Financial comprises about 0.8% of Bank of Nova Scotia's holdings, making the stock its 24th largest position. Bank of Nova Scotia owned about 1.02% of Sun Life Financial worth $330,848,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SLF. Investment Management Corp VA ADV boosted its position in shares of Sun Life Financial by 164.5% in the 1st quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider's stock worth $35,000 after buying an additional 385 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of Sun Life Financial by 53.2% in the 1st quarter. Hexagon Capital Partners LLC now owns 665 shares of the financial services provider's stock worth $38,000 after buying an additional 231 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of Sun Life Financial in the 1st quarter worth about $55,000. GeoWealth Management LLC boosted its position in shares of Sun Life Financial by 4,657.1% in the 4th quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider's stock worth $59,000 after buying an additional 978 shares in the last quarter. Finally, CX Institutional purchased a new stake in shares of Sun Life Financial in the 1st quarter worth about $109,000. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SLF. Royal Bank Of Canada upped their target price on shares of Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Scotiabank upgraded shares of Sun Life Financial to a "hold" rating in a report on Thursday. Barclays lowered shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a report on Monday, July 7th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Sun Life Financial in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $88.00.

Sun Life Financial Trading Down 1.0%

Shares of NYSE SLF traded down $0.62 on Friday, reaching $60.38. 611,942 shares of the company traded hands, compared to its average volume of 769,429. Sun Life Financial Inc. has a fifty-two week low of $46.41 and a fifty-two week high of $66.81. The company has a 50 day moving average of $63.68 and a 200 day moving average of $59.76. The stock has a market capitalization of $34.00 billion, a PE ratio of 15.36, a P/E/G ratio of 1.62 and a beta of 0.90.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its quarterly earnings data on Thursday, May 8th. The financial services provider reported $1.27 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.05. Sun Life Financial had a net margin of 7.47% and a return on equity of 17.33%. The company had revenue of $7.91 billion during the quarter, compared to the consensus estimate of $6.44 billion. During the same quarter in the prior year, the company posted $1.40 EPS. As a group, research analysts expect that Sun Life Financial Inc. will post 5.19 earnings per share for the current year.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Wednesday, May 28th were given a dividend of $0.6332 per share. This is a boost from Sun Life Financial's previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a $2.53 dividend on an annualized basis and a yield of 4.2%. Sun Life Financial's dividend payout ratio is currently 64.89%.

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.