LPL Financial LLC Decreases Stake in Sun Life Financial Inc. $SLF

Key Points

• LPL Financial LLC reduced its stake in Sun Life Financial by 47.5% in the first quarter, holding 49,273 shares worth approximately $2.82 million after selling 44,584 shares.
• Sun Life Financial's most recent quarterly earnings were reported at $1.29 per share, aligning with analysts' expectations, but the revenue of $6.65 billion fell short of the projected $7.34 billion.
• The firm declared a quarterly dividend of $0.6394 per share, set to be paid at the end of September, reflecting a slight increase from the previous dividend and a yield of 4.4%.

LPL Financial LLC trimmed its holdings in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 47.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,273 shares of the financial services provider's stock after selling 44,584 shares during the quarter. LPL Financial LLC's holdings in Sun Life Financial were worth $2,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. TD Asset Management Inc grew its stake in shares of Sun Life Financial by 2.4% in the 1st quarter. TD Asset Management Inc now owns 16,100,340 shares of the financial services provider's stock valued at $921,330,000 after buying an additional 374,682 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Sun Life Financial by 2.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 9,454,589 shares of the financial services provider's stock valued at $562,121,000 after buying an additional 198,205 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Sun Life Financial by 19.8% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,898,866 shares of the financial services provider's stock valued at $112,602,000 after buying an additional 313,176 shares during the period. Wellington Management Group LLP grew its stake in shares of Sun Life Financial by 2,071.4% in the 4th quarter. Wellington Management Group LLP now owns 1,350,751 shares of the financial services provider's stock valued at $80,160,000 after buying an additional 1,288,545 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Sun Life Financial by 9.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,235,884 shares of the financial services provider's stock valued at $73,337,000 after buying an additional 110,780 shares during the period. 52.26% of the stock is owned by institutional investors and hedge funds.

Sun Life Financial Stock Performance

NYSE:SLF traded up $0.2050 on Friday, hitting $58.9250. The stock had a trading volume of 511,885 shares, compared to its average volume of 704,530. The stock has a market cap of $33.18 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 1.57 and a beta of 0.90. Sun Life Financial Inc. has a 1 year low of $52.44 and a 1 year high of $66.81. The firm's fifty day simple moving average is $61.97 and its two-hundred day simple moving average is $59.80.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its quarterly earnings data on Thursday, August 7th. The financial services provider reported $1.29 EPS for the quarter, meeting the consensus estimate of $1.29. The firm had revenue of $6.65 billion during the quarter, compared to analyst estimates of $7.34 billion. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.21%. During the same quarter last year, the business posted $1.11 EPS. Equities research analysts predict that Sun Life Financial Inc. will post 5.19 EPS for the current year.

Sun Life Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Wednesday, August 27th will be paid a $0.6394 dividend. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.63. The ex-dividend date is Wednesday, August 27th. This represents a $2.56 annualized dividend and a yield of 4.3%. Sun Life Financial's dividend payout ratio (DPR) is 63.12%.

Analysts Set New Price Targets

Several analysts have recently commented on SLF shares. Scotiabank upgraded Sun Life Financial to a "hold" rating in a research note on Thursday, July 31st. BMO Capital Markets restated an "outperform" rating on shares of Sun Life Financial in a research note on Monday, May 12th. National Bank Financial downgraded Sun Life Financial from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Royal Bank Of Canada upped their target price on shares of Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Finally, Barclays lowered shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a report on Monday, July 7th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Sun Life Financial presently has a consensus rating of "Hold" and a consensus price target of $88.00.

Sun Life Financial Profile

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.