Wellington Management Group LLP Acquires Shares of 2,810,328 Sun Life Financial Inc. $SLF

Key Points

• Wellington Management acquired 2.81 million Sun Life Financial shares worth approximately $220.6 million, representing a 0.50% stake. Institutional investors collectively own 52.26% of the company.
• Analysts maintain a generally positive outlook, with Sun Life receiving a consensus “Moderate Buy” rating and an average price target of $96.33.
• Sun Life reported quarterly EPS of $1.46, exceeding estimates of $1.39, and announced a quarterly dividend of $0.96 per share—an annualized yield of approximately 4.9%.

Wellington Management Group LLP bought 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 firm bought 2,810,328 shares of the financial services provider's stock, valued at approximately $220,567,000. Wellington Management Group LLP owned 0.50% of Sun Life Financial as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SLF. Bank of Nova Scotia acquired a new stake in Sun Life Financial in the 2nd quarter worth about $544,052,000. Norges Bank acquired a new position in shares of Sun Life Financial during the fourth quarter valued at approximately $398,037,000. Geode Capital Management LLC raised its holdings in shares of Sun Life Financial by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 5,529,609 shares of the financial services provider's stock valued at $353,181,000 after acquiring an additional 347,041 shares during the last quarter. Morgan Stanley lifted its position in shares of Sun Life Financial by 86.6% in the fourth quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider's stock valued at $246,645,000 after acquiring an additional 1,834,772 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Sun Life Financial by 1.0% in the fourth quarter. Legal & General Group Plc now owns 3,896,312 shares of the financial services provider's stock worth $243,542,000 after acquiring an additional 36,698 shares during the last quarter. Institutional investors and hedge funds own 52.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SLF shares. BMO Capital Markets reiterated an "outperform" rating on shares of Sun Life Financial in a research report on Friday, May 8th. Weiss Ratings upgraded Sun Life Financial from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, August 11th. TD Securities reaffirmed a "buy" rating on shares of Sun Life Financial in a report on Friday, August 7th. Royal Bank Of Canada increased their target price 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. Finally, Wall Street Zen raised shares of Sun Life Financial from a "sell" rating to a "hold" rating in a research note on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Sun Life Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.33.

Sun Life Financial Price Performance

NYSE:SLF opened at $78.82 on Monday. The company's 50-day moving average is $80.32 and its two-hundred day 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 capitalization of $43.93 billion, a price-to-earnings ratio of 18.42 and a beta of 0.88.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its quarterly 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 net margin of 7.66% and a return on equity of 17.96%. The business had revenue of $10.10 billion during the quarter, compared to the consensus estimate of $994.33 million. As a group, equities analysts anticipate that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $3.84 annualized dividend and a yield of 4.9%. Sun Life Financial's dividend payout ratio (DPR) is 64.02%.

Sun Life Financial Profile

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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