Healthcare of Ontario Pension Plan Trust Fund Increases Stock Position in Sun Life Financial Inc. $SLF

Key Points

• Healthcare of Ontario Pension Plan Trust Fund significantly increased its Sun Life Financial stake in Q1, boosting holdings by 2,187.4% to 1,601,200 shares valued at about $100.3 million.
• Sun Life Financial reported better-than-expected quarterly earnings of $1.38 per share, while revenue came in at $6.41 billion and the company maintained strong profitability metrics such as a 17.80% return on equity.
• The company raised its quarterly dividend to $0.96 per share from $0.92, implying an annualized yield of 4.7%; analysts currently rate the stock a Moderate Buy with an average price target of $84.67.

Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 2,187.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,601,200 shares of the financial services provider's stock after buying an additional 1,531,200 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.29% of Sun Life Financial worth $100,276,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new position in shares of Sun Life Financial in the fourth quarter worth $398,037,000. Morgan Stanley raised its stake in shares of Sun Life Financial by 86.6% during the 4th 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. Bank of Nova Scotia raised its stake in shares of Sun Life Financial by 27.1% during the 4th quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider's stock valued at $373,984,000 after purchasing an additional 1,277,583 shares during the period. Wellington Management Group LLP lifted its holdings in Sun Life Financial by 123.4% during the 4th quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider's stock worth $140,339,000 after purchasing an additional 1,240,241 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new position in Sun Life Financial in the 4th quarter worth about $57,893,000. Institutional investors own 52.26% of the company's stock.

Sun Life Financial Trading Up 1.0%

Shares of SLF opened at $82.19 on Friday. Sun Life Financial Inc. has a 12-month low of $56.22 and a 12-month high of $82.44. The company has a market cap of $45.81 billion, a PE ratio of 21.18 and a beta of 0.88. The stock has a 50-day moving average price of $76.88 and a 200-day moving average price of $69.56.

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

Sun Life Financial Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have weighed in on SLF shares. TD Securities reaffirmed a "buy" rating on shares of Sun Life Financial in a report on Thursday, May 7th. Argus set a $81.00 price objective on shares of Sun Life Financial in a research report on Wednesday, June 10th. TD Cowen reaffirmed a "buy" rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Evercore lowered shares of Sun Life Financial from an "outperform" rating to an "in-line" rating in a report on Monday, July 13th. Finally, Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Sun Life Financial in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $84.67.

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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