Ritholtz Wealth Management reduced its holdings of Sun Life Financial Inc. (NYSE:SLF – Get Rating) (TSE:SLF) stock by 11.3% in Q1, according to the company in its most recent Form 13F filing with Securities. and Foreign exchange commission. The fund held 10,303 shares of the financial services provider after selling 1,310 shares during the quarter. Ritholtz Wealth Management’s holdings in Sun Life Financial were worth $575,000 at the end of the most recent reporting period.
Several other large investors have also increased or reduced their stake in the company. CIBC Asset Management Inc. increased its position in Sun Life Financial shares by 3.9% during the fourth quarter. CIBC Asset Management Inc. now owns 7,654,688 shares of the financial services provider worth $425,792,000 after purchasing an additional 290,601 shares in the last quarter. 1832 Asset Management LP increased its stake in Sun Life Financial shares by 1.8% in the fourth quarter. 1832 Asset Management LP now owns 5,988,028 shares of the financial services provider valued at $333,201,000 after acquiring an additional 106,135 shares last quarter. Norges Bank bought a new stake in shares of Sun Life Financial in the fourth quarter, valued at around $297,493,000. Legal & General Group Plc increased its stake in shares of Sun Life Financial by 0.8% in the fourth quarter. Legal & General Group Plc now owns 3,287,868 shares of the financial services provider valued at $183,275,000 after acquiring an additional 27,096 shares last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Sun Life Financial by 2.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,080,741 shares of the financial services provider valued at $115,876,000 after acquiring 40,165 additional shares last quarter. Institutional investors and hedge funds hold 47.14% of the company’s shares.
SLF has been the subject of several recent research reports. BMO Capital Markets lowered its price target on Sun Life Financial from C$75.00 to C$72.00 in a Wednesday, June 1 report. StockNews.com launched coverage on Sun Life Financial in a Thursday, March 31 report. They issued a “maintaining” rating for the company. Barclays launched coverage on Sun Life Financial in a Thursday, June 9 report. They issued an “overweight” rating and a price target of $71.00 for the company. National Bank Financial lowered its price target on Sun Life Financial from C$72.00 to C$68.00 in a report released on Wednesday, June 1. Finally, Desjardins cut its price target on Sun Life Financial shares from C$77.00 to C$73.00 in a report released Monday, May 16. Three investment analysts gave the stock a hold rating and seven gave the company a buy rating. According to MarketBeat data, Sun Life Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.23.
SLF shares opened at $45.86 on Tuesday. Sun Life Financial Inc. has a fifty-two week minimum of $43.80 and a fifty-two week maximum of $58.49. The company has a market capitalization of $26.88 billion, a price-earnings ratio of 8.77, a PEG ratio of 1.07 and a beta of 1.06. The stock’s 50-day simple moving average is $48.78 and its 200-day simple moving average is $52.80.
Sun Life Financial (NYSE:SLF – Get Rating) (TSE:SLF) last released its quarterly results on Wednesday, May 11. The financial services provider reported earnings per share of $1.14 for the quarter, beating analysts’ consensus estimate of $1.11 by $0.03. The company had revenue of $300.00 million for the quarter. Sun Life Financial achieved a return on equity of 13.66% and a net margin of 11.38%. As a group, stock analysts expect Sun Life Financial Inc. shows earnings per share of 4.77 for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30. Investors of record on Wednesday, June 1 will receive a dividend of $0.537. The ex-dividend date is Tuesday, May 31. This represents a dividend of $2.15 on an annualized basis and a yield of 4.68%. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.52. Sun Life Financial’s dividend payout ratio is currently 41.68%.
About Sun Life Financial (Get a rating)
Sun Life Financial Inc., a financial services company, provides insurance, wealth and asset management solutions to individuals and businesses worldwide. It offers term and permanent life insurance products, as well as personal health, dental, critical illness, long-term care and disability insurance products. The company also offers reinsurance products; investment advisory and portfolio management services; mutual funds and segregated funds; trust and banking services; real estate brokerage and appraisal services; and merchant banking.
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