Legal & General Group Plc Invests $280.31 Million in Sun Life Financial Inc. $SLF

Key Points

• Legal & General Group Plc acquired 3.57 million Sun Life Financial shares worth approximately $280.3 million, representing about 0.64% of the company. Institutional investors collectively own 52.26% of Sun Life’s stock.
• Sun Life exceeded quarterly earnings expectations, reporting $1.46 in EPS versus the $1.39 consensus. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $96.33.
• The company declared a quarterly dividend of $0.96 per share, equivalent to $3.84 annually and a 4.9% yield, while shares recently opened at $79.05.

Legal & General Group Plc acquired a new stake in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,571,561 shares of the financial services provider's stock, valued at approximately $280,312,000. Legal & General Group Plc owned approximately 0.64% of Sun Life Financial at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bank of Nova Scotia bought a new position in Sun Life Financial in the second quarter worth about $544,052,000. Norges Bank bought a new stake in shares of Sun Life Financial in the 4th quarter valued at about $398,037,000. The Manufacturers Life Insurance Company purchased a new position in shares of Sun Life Financial in the 2nd quarter worth approximately $293,050,000. 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 worth $246,645,000 after acquiring an additional 1,834,772 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Sun Life Financial by 2,187.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider's stock worth $100,276,000 after acquiring an additional 1,531,200 shares in the last quarter. Hedge funds and other institutional investors own 52.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SLF. Barclays restated an "underweight" rating on shares of Sun Life Financial in a research note on Friday, August 7th. Royal Bank Of Canada increased their price objective on Sun Life Financial from $98.00 to $119.00 and gave the company a "sector perform" rating in a report on Monday, August 10th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Sun Life Financial in a research report on Friday, May 8th. BMO Capital Markets restated an "outperform" rating on shares of Sun Life Financial in a research note on Friday, May 8th. Finally, Argus set a $81.00 target price on Sun Life Financial in a research report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

Sun Life Financial Stock Down 1.2%

Shares of NYSE:SLF opened at $79.05 on Thursday. Sun Life Financial Inc. has a 52-week low of $57.22 and a 52-week high of $84.38. The stock has a market cap of $44.06 billion, a price-to-earnings ratio of 18.48 and a beta of 0.88. The business has a 50-day moving average price of $80.33 and a 200-day moving average price of $72.54.

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

Sun Life Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Wednesday, August 26th will be given 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 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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