Canada Pension Plan Investment Board Buys Shares of 3,735,388 Sun Life Financial Inc. $SLF

Key Points

• Canada Pension Plan Investment Board acquired 3.74 million Sun Life Financial shares worth approximately $293 million, representing about 0.67% of the company. Institutional investors collectively own 52.26% of Sun Life’s stock.
• Analysts maintain a generally positive outlook, with Sun Life receiving a consensus “Moderate Buy” rating and an average price target of $96.33.
• Sun Life reported quarterly EPS of $1.46, exceeding estimates of $1.39, and announced a quarterly dividend of $0.96 per share, equivalent to a 4.8% annualized yield.

Canada Pension Plan Investment Board purchased a new position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,735,388 shares of the financial services provider's stock, valued at approximately $292,980,000. Canada Pension Plan Investment Board owned about 0.67% of Sun Life Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SLF. Bank of Nova Scotia acquired a new position in Sun Life Financial in the 2nd quarter valued at $544,052,000. Norges Bank acquired a new stake in shares of Sun Life Financial during the fourth quarter worth $398,037,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Sun Life Financial during the second quarter worth $293,050,000. Legal & General Group Plc purchased a new stake in shares of Sun Life Financial in the second quarter valued at $280,312,000. Finally, Morgan Stanley grew its position in shares of Sun Life Financial by 86.6% in the fourth quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider's stock valued at $246,645,000 after purchasing an additional 1,834,772 shares during the period. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Weiss Ratings upgraded Sun Life Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Sun Life Financial from a "sell" rating to a "hold" rating in a research note on Sunday, July 26th. Scotiabank reiterated a "sector perform" rating on shares of Sun Life Financial in a report on Monday, August 10th. Argus set a $81.00 target price on shares of Sun Life Financial in a research report on Wednesday, June 10th. Finally, Royal Bank Of Canada boosted their target price on shares of Sun Life Financial from $98.00 to $119.00 and gave the company a "sector perform" rating in a report on Monday, August 10th. One investment 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 given a Sell rating to the stock. Based on data from MarketBeat, Sun Life Financial has a consensus rating of "Moderate Buy" and a consensus price target of $96.33.

Sun Life Financial Trading Up 1.1%

Shares of Sun Life Financial stock opened at $79.94 on Wednesday. Sun Life Financial Inc. has a twelve month low of $57.22 and a twelve month high of $84.38. The stock has a market capitalization of $44.55 billion, a P/E ratio of 18.69 and a beta of 0.88. The business's fifty day moving average price is $80.31 and its 200 day moving average price is $72.44.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its quarterly earnings results on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, topping the consensus estimate of $1.39 by $0.07. The company had revenue of $10.10 billion during the quarter, compared to analyst estimates of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. As a group, sell-side analysts predict that Sun Life Financial Inc. will post 5.72 EPS for the current year.

Sun Life Financial Announces Dividend

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 dividend of $0.96 per share. The ex-dividend date is Wednesday, August 26th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.8%. Sun Life Financial's payout ratio is presently 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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