Letko Brosseau & Associates Inc. Buys 116,395 Shares of Sun Life Financial Inc. (NYSE:SLF)

Key Points

• Letko Brosseau & Associates Inc. increased its stake in Sun Life Financial Inc. by 4.4%, acquiring an additional 116,395 shares, which now represent about 3.4% of its investment portfolio.
• Sun Life Financial recently increased its quarterly dividend to $0.6332, reflecting a 4.08% yield and an annualized payout of $2.53.
• The company reported earnings per share of $1.27 for the last quarter, exceeding analysts' estimates of $1.22, along with a revenue of $7.91 billion, which also surpassed expectations.

Letko Brosseau & Associates Inc. increased its position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 4.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,769,959 shares of the financial services provider's stock after purchasing an additional 116,395 shares during the quarter. Sun Life Financial makes up approximately 3.4% of Letko Brosseau & Associates Inc.'s investment portfolio, making the stock its 6th largest position. Letko Brosseau & Associates Inc. owned about 0.49% of Sun Life Financial worth $158,509,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Brighton Jones LLC purchased a new stake in Sun Life Financial in the 4th quarter valued at $244,000. American Century Companies Inc. raised its position in shares of Sun Life Financial by 12.0% during the 4th quarter. American Century Companies Inc. now owns 168,299 shares of the financial services provider's stock valued at $9,993,000 after buying an additional 18,079 shares during the period. Sei Investments Co. raised its position in shares of Sun Life Financial by 14.9% during the 4th quarter. Sei Investments Co. now owns 18,699 shares of the financial services provider's stock valued at $1,110,000 after buying an additional 2,429 shares during the period. LPL Financial LLC raised its position in shares of Sun Life Financial by 120.8% during the 4th quarter. LPL Financial LLC now owns 93,857 shares of the financial services provider's stock valued at $5,569,000 after buying an additional 51,351 shares during the period. Finally, Prudential Financial Inc. purchased a new stake in shares of Sun Life Financial during the 4th quarter valued at approximately $3,362,000. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Sun Life Financial Trading Down 1.0%

SLF traded down $0.62 during mid-day trading on Friday, hitting $60.38. 611,942 shares of the stock were exchanged, compared to its average volume of 738,832. The firm's fifty day moving average is $63.75 and its two-hundred day moving average is $59.73. Sun Life Financial Inc. has a 1-year low of $46.41 and a 1-year high of $66.81. The company has a market cap of $34.00 billion, a PE ratio of 15.36, a PEG ratio of 1.63 and a beta of 0.91.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.05. Sun Life Financial had a return on equity of 17.33% and a net margin of 7.47%. The firm had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter in the prior year, the company earned $1.40 EPS. As a group, research analysts anticipate that Sun Life Financial Inc. will post 5.19 earnings per share for the current year.

Sun Life Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Wednesday, May 28th were given a $0.6332 dividend. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a $2.53 dividend on an annualized basis and a yield of 4.2%. This is an increase from Sun Life Financial's previous quarterly dividend of $0.59. Sun Life Financial's dividend payout ratio is 64.89%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. BMO Capital Markets reiterated an "outperform" rating on shares of Sun Life Financial in a report on Monday, May 12th. Barclays cut Sun Life Financial from an "equal weight" rating to an "underweight" rating in a report on Monday, July 7th. Scotiabank reiterated an "outperform" rating on shares of Sun Life Financial in a report on Thursday, May 1st. Finally, Royal Bank Of Canada increased their price target on Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $88.00.

About Sun Life Financial

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.