MidFirst Bank Takes $2.40 Million Position in Sun Life Financial Inc. $SLF

Key Points

• MidFirst Bank acquired 30,593 shares of Sun Life Financial during the second quarter, valued at approximately $2.4 million. Institutional investors collectively own 52.26% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $96.33; ratings include one Strong Buy, five Buys, five Holds and one Sell.
• Sun Life exceeded quarterly earnings expectations, reporting EPS of $1.46 versus the $1.39 consensus estimate, and declared a quarterly dividend of $0.96 per share, representing a 4.8% annualized yield.

MidFirst Bank bought a new position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 30,593 shares of the financial services provider's stock, valued at approximately $2,399,000.

Other hedge funds have also recently bought and sold shares of the company. Louisbourg Investments Inc. grew its stake in Sun Life Financial by 3.0% during the first quarter. Louisbourg Investments Inc. now owns 5,105 shares of the financial services provider's stock worth $319,000 after buying an additional 150 shares during the period. Cornerstone Planning Group LLC lifted its holdings in shares of Sun Life Financial by 68.4% during the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 167 shares in the last quarter. Candriam S.C.A. boosted its position in Sun Life Financial by 1.8% during the 1st quarter. Candriam S.C.A. now owns 9,794 shares of the financial services provider's stock worth $612,000 after purchasing an additional 177 shares during the period. HB Wealth Management LLC boosted its position in Sun Life Financial by 4.7% during the 1st quarter. HB Wealth Management LLC now owns 4,158 shares of the financial services provider's stock worth $260,000 after purchasing an additional 187 shares during the period. Finally, Sei Investments Co. increased its holdings in Sun Life Financial by 3.5% in the 1st quarter. Sei Investments Co. now owns 5,788 shares of the financial services provider's stock valued at $362,000 after purchasing an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 52.26% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. BMO Capital Markets restated an "outperform" rating on shares of Sun Life Financial in a research note on Friday, May 8th. Weiss Ratings upgraded Sun Life Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, August 11th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Sun Life Financial in a research report on Friday, May 8th. TD Securities restated a "buy" rating on shares of Sun Life Financial in a report on Friday, August 7th. Finally, Royal Bank Of Canada increased their price objective on shares of Sun Life Financial from $98.00 to $119.00 and gave the company a "sector perform" rating in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $96.33.

Sun Life Financial Price Performance

NYSE:SLF opened at $80.74 on Tuesday. The firm has a 50-day moving average of $79.89 and a two-hundred day moving average of $71.78. The stock has a market cap of $45.00 billion, a P/E ratio of 18.87 and a beta of 0.88. Sun Life Financial Inc. has a 1-year low of $57.22 and a 1-year high of $84.38.

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

Sun Life Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Wednesday, August 26th. Sun Life Financial's dividend payout ratio (DPR) is 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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