Swiss Life Asset Management Ltd Boosts Stock Position in Sun Life Financial Inc. $SLF

Key Points

• Swiss Life Asset Management nearly doubled its stake in Sun Life Financial in the fourth quarter, buying an additional 84,779 shares to bring its total holding to 172,027 shares worth about $10.7 million.
• Sun Life Financial reported Q1 earnings of $1.38 per share, topping analyst estimates, and also posted strong revenue growth versus expectations. Analysts now expect the company to earn 5.74 EPS for the full year.
• The company raised its quarterly dividend to $0.96 per share, implying an annualized yield of about 5.4%. Wall Street currently rates the stock a Moderate Buy with a consensus target price of $86.50.

Swiss Life Asset Management Ltd grew its stake in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 97.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 172,027 shares of the financial services provider's stock after purchasing an additional 84,779 shares during the period. Swiss Life Asset Management Ltd's holdings in Sun Life Financial were worth $10,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Generali Asset Management SPA SGR grew its position in shares of Sun Life Financial by 4.9% in the fourth quarter. Generali Asset Management SPA SGR now owns 44,377 shares of the financial services provider's stock valued at $2,769,000 after purchasing an additional 2,087 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Sun Life Financial by 1.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 18,438 shares of the financial services provider's stock valued at $1,151,000 after purchasing an additional 345 shares in the last quarter. Truist Financial Corp grew its position in shares of Sun Life Financial by 8.9% in the fourth quarter. Truist Financial Corp now owns 13,345 shares of the financial services provider's stock valued at $833,000 after purchasing an additional 1,092 shares in the last quarter. Intact Investment Management Inc. grew its position in shares of Sun Life Financial by 58.3% in the fourth quarter. Intact Investment Management Inc. now owns 2,012,083 shares of the financial services provider's stock valued at $125,598,000 after purchasing an additional 741,136 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its position in shares of Sun Life Financial by 10.1% in the fourth quarter. Benjamin Edwards Inc. now owns 5,028 shares of the financial services provider's stock valued at $314,000 after purchasing an additional 460 shares in the last quarter. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Sun Life Financial Stock Performance

Shares of Sun Life Financial stock opened at $70.64 on Wednesday. The stock has a 50 day moving average of $66.31 and a 200 day moving average of $63.54. Sun Life Financial Inc. has a fifty-two week low of $56.22 and a fifty-two week high of $74.16. The firm has a market capitalization of $39.14 billion, a price-to-earnings ratio of 18.21 and a beta of 0.91.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 EPS for the quarter, topping analysts' consensus estimates of $1.35 by $0.03. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.The company had revenue of $6.41 billion for the quarter, compared to analysts' expectations of $925.99 million. During the same period in the prior year, the firm earned $1.82 earnings per share. Analysts forecast that Sun Life Financial Inc. will post 5.74 EPS for the current year.

Sun Life Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 5.4%. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.92. The ex-dividend date is Wednesday, May 27th. Sun Life Financial's payout ratio is currently 69.59%.

Wall Street Analyst Weigh In

SLF has been the subject of a number of analyst reports. Evercore restated an "outperform" rating on shares of Sun Life Financial in a research report on Thursday, February 19th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Sun Life Financial in a research report on Friday. Wall Street Zen lowered Sun Life Financial from a "buy" rating to a "hold" rating in a research report on Sunday, March 8th. Weiss Ratings restated a "buy (b)" rating on shares of Sun Life Financial in a research report on Wednesday, January 21st. Finally, National Bank Financial upgraded Sun Life Financial from a "sector perform" rating to an "outperform" rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Sun Life Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $86.50.

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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