Sun Life Financial Inc. (NYSE:SLF) Shares Acquired by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System increased its stake in Sun Life Financial Inc. by 58.1%, bringing its total holdings to $3.09 million after acquiring an additional 19,819 shares in the first quarter.
• Sun Life Financial recently declared a quarterly dividend of $0.6394 per share, reflecting an annualized total of $2.56 and a dividend yield of 4.5%, representing an increase from the previous dividend.
• Analysts have mixed ratings for Sun Life Financial, with a consensus rating of "Hold" and a target price adjustment from $82.00 to $88.00 by Royal Bank Of Canada.

Maryland State Retirement & Pension System grew its stake in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 58.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,916 shares of the financial services provider's stock after acquiring an additional 19,819 shares during the period. Maryland State Retirement & Pension System's holdings in Sun Life Financial were worth $3,085,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Barclays downgraded shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a report on Monday, July 7th. National Bank Financial cut Sun Life Financial from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Royal Bank Of Canada boosted their price target on shares of Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Scotiabank raised shares of Sun Life Financial to a "hold" rating in a report on Thursday, July 31st. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $88.00.

Sun Life Financial Trading Up 1.3%

Sun Life Financial stock traded up $0.73 during midday trading on Tuesday, reaching $57.61. 541,243 shares of the stock traded hands, compared to its average volume of 685,417. The firm has a fifty day moving average price of $63.15 and a two-hundred day moving average price of $59.81. The firm has a market cap of $32.44 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 1.51 and a beta of 0.90. Sun Life Financial Inc. has a fifty-two week low of $49.35 and a fifty-two week high of $66.81.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its earnings results on Thursday, August 7th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 17.08%. During the same period in the previous year, the business posted $1.11 EPS. 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 disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Wednesday, August 27th will be issued a $0.6394 dividend. The ex-dividend date of this dividend is Wednesday, August 27th. This is an increase from Sun Life Financial's previous quarterly dividend of $0.63. This represents a $2.56 annualized dividend and a yield of 4.4%. Sun Life Financial's dividend payout ratio is currently 63.12%.

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.