Korea Investment CORP Makes New $35.53 Million Investment in Sun Life Financial Inc. $SLF

Key Points

• Korea Investment CORP acquired 452,708 Sun Life Financial shares worth approximately $35.53 million in the second quarter, giving it an estimated 0.08% stake. Institutional investors collectively own 52.26% of the company.
• 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—an annualized yield of approximately 4.9%.

Korea Investment CORP bought a new stake in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 452,708 shares of the financial services provider's stock, valued at approximately $35,531,000. Korea Investment CORP owned approximately 0.08% of Sun Life Financial as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Cassaday & Co Wealth Management LLC purchased a new position in shares of Sun Life Financial during the first quarter valued at $25,000. Cornerstone Planning Group LLC increased its position in Sun Life Financial by 68.4% during the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 167 shares during the period. Brown Brothers Harriman & Co. purchased a new position in Sun Life Financial during the 4th quarter valued at about $30,000. Sittner & Nelson LLC bought a new stake in shares of Sun Life Financial in the 4th quarter valued at about $33,000. Finally, Scarborough Advisors LLC bought a new stake in shares of Sun Life Financial in the 1st quarter valued at about $33,000. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SLF. Royal Bank Of Canada increased their price objective on shares of Sun Life Financial from $98.00 to $119.00 and gave the company a "sector perform" rating in a research note on Monday, August 10th. Argus set a $81.00 price objective on shares of Sun Life Financial in a research note on Wednesday, June 10th. Evercore lowered Sun Life Financial from an "outperform" rating to an "in-line" rating in a report on Monday, July 13th. Scotiabank reaffirmed a "sector perform" rating on shares of Sun Life Financial in a research report on Monday, August 10th. Finally, TD Cowen reiterated a "buy" rating on shares of Sun Life Financial in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $96.33.

Sun Life Financial Stock Up 1.0%

NYSE SLF opened at $79.07 on Friday. Sun Life Financial Inc. has a 52 week low of $57.22 and a 52 week high of $84.38. The company has a 50 day moving average price of $80.21 and a 200 day moving average price of $72.17. The firm has a market cap of $44.07 billion, a PE 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 (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.07. The business had revenue of $10.10 billion for the quarter, compared to analyst estimates of $994.33 million. Sun Life Financial had a net margin of 7.66% and a return on equity of 17.96%. On average, equities research analysts anticipate that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th will be given 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 dividend yield of 4.9%. Sun Life Financial's dividend payout ratio (DPR) is presently 66.12%.

Sun Life Financial Company 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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