Van ECK Associates Corp Has $51.31 Million Holdings in Sun Life Financial Inc. $SLF

Key Points

• Van ECK Associates reduced its Sun Life Financial stake by 11.6% in the second quarter, selling 86,065 shares and retaining 654,212 shares valued at approximately $51.31 million. Institutional investors collectively own 52.26% of the company.
• Sun Life Financial reported quarterly EPS of $1.46, exceeding analyst expectations of $1.39, while revenue reached $10.10 billion. Shares opened at $78.82, near the middle of their 52-week range.
• The company declared a quarterly dividend of $0.96 per share, equivalent to an annualized $3.84 dividend and a 4.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $96.33.

Van ECK Associates Corp cut its position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 11.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 654,212 shares of the financial services provider's stock after selling 86,065 shares during the quarter. Van ECK Associates Corp owned 0.12% of Sun Life Financial worth $51,312,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Louisbourg Investments Inc. lifted its position in shares of Sun Life Financial by 3.0% in the 1st quarter. Louisbourg Investments Inc. now owns 5,105 shares of the financial services provider's stock valued at $319,000 after acquiring an additional 150 shares in the last quarter. Cornerstone Planning Group LLC grew its position in 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 worth $26,000 after purchasing an additional 167 shares in the last quarter. Candriam S.C.A. grew 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 in the last quarter. HB Wealth Management LLC raised its stake 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 valued at $260,000 after purchasing an additional 187 shares during the period. Finally, Sei Investments Co. raised its stake in Sun Life Financial by 3.5% during 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 during the period. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Stock Up 0.3%

Shares of SLF opened at $78.82 on Friday. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 18.42 and a beta of 0.88. The company's fifty day moving average is $80.32 and its 200-day moving average is $72.68. Sun Life Financial Inc. has a 12 month low of $57.22 and a 12 month high of $84.38.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its quarterly earnings data on Thursday, August 6th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.07. The business 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%. As a group, research analysts predict that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be given a $0.96 dividend. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. Sun Life Financial's payout ratio is currently 64.02%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SLF. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Sun Life Financial in a research note on Friday, May 8th. Royal Bank Of Canada increased their price target on shares of Sun Life Financial from $98.00 to $119.00 and gave the stock a "sector perform" rating in a research report on Monday, August 10th. Argus set a $81.00 price target on shares of Sun Life Financial in a report on Wednesday, June 10th. Evercore lowered shares of Sun Life Financial from an "outperform" rating to an "in-line" rating in a research note on Monday, July 13th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Sun Life Financial in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock 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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