Old Port Advisors Invests $822,000 in Sun Life Financial Inc. $SLF

Key Points

• Old Port Advisors has invested approximately $822,000 in Sun Life Financial Inc., acquiring 12,367 shares during the 2nd quarter.
• Several large investors, including Vanguard Group and TD Asset Management, have also increased their stakes, indicating strong institutional support for the company.
• Sun Life Financial reported quarterly earnings of $1.29 per share, aligning with analyst expectations, though revenue fell short at $6.65 billion.

Old Port Advisors purchased a new stake in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 12,367 shares of the financial services provider's stock, valued at approximately $822,000.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Sun Life Financial by 1.5% in the first quarter. Vanguard Group Inc. now owns 24,595,092 shares of the financial services provider's stock valued at $1,407,626,000 after acquiring an additional 361,596 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Sun Life Financial by 2.4% during 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 purchasing an additional 374,682 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Sun Life Financial by 8.9% during the 1st quarter. 1832 Asset Management L.P. now owns 10,338,250 shares of the financial services provider's stock worth $591,968,000 after acquiring an additional 846,735 shares during the period. Federation des caisses Desjardins du Quebec grew its holdings in shares of Sun Life Financial by 5.2% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 6,748,255 shares of the financial services provider's stock worth $385,740,000 after acquiring an additional 335,054 shares during the period. Finally, Bank of Nova Scotia grew its holdings in shares of Sun Life Financial by 4.8% during the 1st quarter. Bank of Nova Scotia now owns 5,780,001 shares of the financial services provider's stock worth $330,848,000 after acquiring an additional 266,732 shares during the period. Institutional investors own 52.26% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SLF shares. Argus upgraded Sun Life Financial to a "strong-buy" rating in a research report on Thursday, September 4th. Scotiabank upgraded shares of Sun Life Financial to a "hold" rating in a report on Thursday, July 31st. National Bank Financial cut shares of Sun Life Financial from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Finally, Barclays cut shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $88.00.

Sun Life Financial Trading Down 0.2%

Sun Life Financial stock opened at $58.89 on Friday. The company has a market capitalization of $33.01 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.58 and a beta of 0.89. The business's fifty day simple moving average is $59.41 and its two-hundred day simple moving average is $60.27. Sun Life Financial Inc. has a 12 month low of $52.44 and a 12 month high of $66.81.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its quarterly earnings results on Thursday, August 7th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, hitting 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 net margin of 7.59% and a return on equity of 17.21%. During the same quarter in the previous year, the business posted $1.11 EPS. On average, equities research analysts predict that Sun Life Financial Inc. will post 5.19 EPS for the current year.

Sun Life Financial Company 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.

Want to see what other hedge funds are holding SLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.