Zurcher Kantonalbank Zurich Cantonalbank Acquires 42,558 Shares of Sun Life Financial Inc. (NYSE:SLF)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Sun Life Financial by 10.6%, now owning around 444,409 shares valued at approximately $25.43 million.
• Sun Life Financial reported earnings per share of $1.27 for the latest quarter, surpassing estimates of $1.22, and its revenue reached $7.91 billion, significantly higher than the forecast of $6.44 billion.
• The company announced an increase in its quarterly dividend from $0.59 to $0.6332, resulting in an annual yield of 4.08%.

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 10.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 444,409 shares of the financial services provider's stock after buying an additional 42,558 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.08% of Sun Life Financial worth $25,431,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV lifted its holdings in shares of Sun Life Financial by 164.5% during the first quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider's stock worth $35,000 after buying an additional 385 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of Sun Life Financial by 53.2% during the first quarter. Hexagon Capital Partners LLC now owns 665 shares of the financial services provider's stock worth $38,000 after purchasing an additional 231 shares during the last quarter. Financial Gravity Asset Management Inc. acquired a new position in shares of Sun Life Financial during the first quarter valued at $55,000. GeoWealth Management LLC lifted its stake in Sun Life Financial by 4,657.1% in the fourth quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider's stock valued at $59,000 after buying an additional 978 shares during the period. Finally, CX Institutional acquired a new position in Sun Life Financial in the first quarter valued at about $109,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Sun Life Financial Trading Down 1.3%

SLF traded down $0.81 on Friday, reaching $60.19. The stock had a trading volume of 232,064 shares, compared to its average volume of 679,026. Sun Life Financial Inc. has a fifty-two week low of $46.41 and a fifty-two week high of $66.81. The firm has a 50-day moving average of $63.75 and a 200-day moving average of $59.73. The company has a market capitalization of $33.90 billion, a price-to-earnings ratio of 15.33, a price-to-earnings-growth ratio of 1.64 and a beta of 0.91.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its quarterly earnings results on Thursday, May 8th. The financial services provider reported $1.27 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.05. Sun Life Financial had a return on equity of 17.33% and a net margin of 7.47%. The firm had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter in the previous year, the company posted $1.40 EPS. Sell-side analysts anticipate that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Wednesday, May 28th were given a dividend of $0.6332 per share. This represents a $2.53 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Wednesday, May 28th. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.59. Sun Life Financial's dividend payout ratio is currently 64.89%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SLF shares. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research report on Monday, May 12th. Barclays downgraded Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research note on Monday, July 7th. Royal Bank Of Canada lifted their price objective on Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Sun Life Financial in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.00.

Sun Life Financial 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.