Bank of Nova Scotia Invests $544.05 Million in Sun Life Financial Inc. $SLF

Key Points

• Bank of Nova Scotia acquired 6.93 million Sun Life Financial shares worth approximately $544.1 million, making up 0.8% of its portfolio and representing about 1.24% of Sun Life’s outstanding stock.
• Analysts maintain a generally positive view of Sun Life, with a “Moderate Buy” consensus rating and an average price target of $96.33, despite ratings ranging from “Strong Buy” to “Sell.”
• Sun Life exceeded quarterly earnings expectations, reporting $1.46 in earnings per share versus $1.39 forecast, and declared a quarterly dividend of $0.96, equivalent to a 4.9% annualized yield.

Bank of Nova Scotia acquired 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 & Exchange Commission. The institutional investor acquired 6,930,024 shares of the financial services provider's stock, valued at approximately $544,052,000. Sun Life Financial comprises approximately 0.8% of Bank of Nova Scotia's investment portfolio, making the stock its 24th biggest position. Bank of Nova Scotia owned about 1.24% of Sun Life Financial as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC acquired a new position in shares of Sun Life Financial in the 4th quarter valued at $244,000. AQR Capital Management LLC raised its stake in Sun Life Financial by 113.8% during the 1st quarter. AQR Capital Management LLC now owns 8,022 shares of the financial services provider's stock worth $454,000 after buying an additional 4,270 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Sun Life Financial in the second quarter worth about $204,000. Prudential Financial Inc. acquired a new stake in shares of Sun Life Financial during the second quarter worth about $232,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Sun Life Financial by 66.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,734 shares of the financial services provider's stock valued at $115,000 after purchasing an additional 692 shares in the last quarter. Institutional investors own 52.26% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SLF shares. Barclays reiterated an "underweight" rating on shares of Sun Life Financial in a report on Friday, August 7th. Evercore cut shares of Sun Life Financial from an "outperform" rating to an "in-line" rating in a research report on Monday, July 13th. Argus set a $81.00 price target on Sun Life Financial in a report on Wednesday, June 10th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Sun Life Financial in a research report on Friday, May 8th. Finally, Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Sun Life Financial in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $96.33.

Sun Life Financial Trading Up 1.0%

Sun Life Financial stock opened at $79.07 on Friday. Sun Life Financial Inc. has a 12 month low of $57.22 and a 12 month high of $84.38. The stock's 50 day moving average is $80.21 and its 200-day moving average is $72.17. The company has a market capitalization of $44.07 billion, a price-to-earnings ratio of 18.48 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 the consensus estimate of $1.39 by $0.07. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%.The business had revenue of $10.10 billion during the quarter, compared to analysts' expectations of $994.33 million. As a group, equities research analysts predict that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be issued a $0.96 dividend. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $3.84 dividend on an annualized basis and a yield of 4.9%. Sun Life Financial's payout ratio is currently 66.12%.

About Sun Life Financial

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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