Sun Life Financial Inc. $SLF Shares Sold by QV Investors Inc.

Key Points

• QV Investors cut its Sun Life Financial stake by 5.7% in the second quarter, selling 29,210 shares and retaining 487,300 shares valued at approximately $38.2 million. Institutional investors collectively own 52.26% of the company.
• Sun Life Financial exceeded quarterly earnings expectations, reporting $1.46 in EPS versus the $1.39 consensus estimate. Analysts expect full-year EPS of $5.72.
• The company declared a quarterly dividend of $0.96 per share, equivalent to $3.84 annually and a 4.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $96.33.

QV Investors Inc. trimmed its holdings in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 5.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 487,300 shares of the financial services provider's stock after selling 29,210 shares during the period. Sun Life Financial accounts for about 2.9% of QV Investors Inc.'s investment portfolio, making the stock its 11th largest position. QV Investors Inc. owned about 0.09% of Sun Life Financial worth $38,246,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SLF. Bank of Nova Scotia acquired a new stake in shares of Sun Life Financial in the second quarter valued at approximately $544,052,000. Norges Bank acquired a new position in shares of Sun Life Financial during the 4th quarter worth approximately $398,037,000. The Manufacturers Life Insurance Company purchased a new stake in Sun Life Financial in the 2nd quarter valued at approximately $293,050,000. Canada Pension Plan Investment Board acquired a new stake in Sun Life Financial during the 2nd quarter valued at $292,980,000. Finally, Legal & General Group Plc purchased a new position in Sun Life Financial during the second quarter worth $280,312,000. Institutional investors and hedge funds own 52.26% of the company's stock.

Sun Life Financial Price Performance

Shares of SLF stock opened at $78.82 on Monday. The firm's 50-day simple moving average is $80.32 and its 200-day simple moving average is $72.73. Sun Life Financial Inc. has a 1-year low of $57.22 and a 1-year high of $84.38. The firm has a market cap of $43.93 billion, a P/E ratio of 18.42 and a beta of 0.88.

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

Sun Life Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Wednesday, August 26th will be given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Wednesday, August 26th. Sun Life Financial's dividend payout ratio (DPR) is 64.02%.

Wall Street Analyst Weigh In

SLF has been the topic of a number of analyst reports. TD Securities reaffirmed a "buy" rating on shares of Sun Life Financial in a research note on Friday, August 7th. Barclays reissued an "underweight" rating on shares of Sun Life Financial in a research report on Friday, August 7th. Weiss Ratings raised shares of Sun Life Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, August 11th. Argus set a $81.00 target price on shares of Sun Life Financial in a research report on Wednesday, June 10th. Finally, TD Cowen reaffirmed a "buy" rating on shares of Sun Life Financial in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Sun Life Financial has a consensus rating of "Moderate Buy" and an average target price of $96.33.

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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