LPL Financial LLC Cuts Holdings 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 cut its stake in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 47.5% during the 1st quarter, according to its most recent Form 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 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV raised its position in Sun Life Financial by 164.5% in the first quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 385 shares during the period. Hexagon Capital Partners LLC increased its position in shares of Sun Life Financial by 53.2% during the first quarter. Hexagon Capital Partners LLC now owns 665 shares of the financial services provider's stock worth $38,000 after acquiring an additional 231 shares during the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of Sun Life Financial during the first quarter worth about $55,000. GeoWealth Management LLC increased its position in shares of Sun Life Financial by 4,657.1% during the fourth quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider's stock worth $59,000 after acquiring an additional 978 shares during the last quarter. Finally, CX Institutional purchased a new stake in shares of Sun Life Financial during the first quarter worth about $109,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Barclays downgraded Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research note on Monday, July 7th. Royal Bank Of Canada lifted their price target on Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating 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. Scotiabank upgraded Sun Life Financial to a "hold" rating in a research note on Thursday, July 31st. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Sun Life Financial in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Sun Life Financial presently has an average rating of "Hold" and a consensus target price of $88.00.

Sun Life Financial Trading Up 0.1%

SLF opened at $58.13 on Monday. The business's 50 day moving average is $62.58 and its 200-day moving average is $59.79. The stock has a market cap of $32.74 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 1.56 and a beta of 0.90. Sun Life Financial Inc. has a twelve month low of $51.56 and a twelve month high of $66.81.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its quarterly earnings results on Thursday, August 7th. The financial services provider reported $1.29 earnings per share for the quarter, meeting analysts' consensus estimates of $1.29. The company had revenue of $6.65 billion for the quarter, compared to analysts' expectations of $7.34 billion. Sun Life Financial had a return on equity of 17.21% and a net margin of 7.59%. During the same quarter in the previous year, the company posted $1.11 earnings per share. As a group, analysts forecast that Sun Life Financial Inc. will post 5.19 EPS for the current year.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Wednesday, August 27th will be issued a dividend of $0.6394 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.4%. This is a boost from Sun Life Financial's previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Wednesday, August 27th. Sun Life Financial's dividend payout ratio is presently 63.12%.

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.

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