Sun Life Financial Inc. $SLF Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 23.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,713,666 shares of the financial services provider’s stock after selling 1,443,539 shares during the quarter. Sun Life Financial comprises about 0.5% of Bank of Nova Scotia’s holdings, making the stock its 28th largest holding. Bank of Nova Scotia’s holdings in Sun Life Financial were worth $283,064,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its stake in shares of Sun Life Financial by 184.1% during the third quarter. Smartleaf Asset Management LLC now owns 588 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 381 shares during the period. Westside Investment Management Inc. boosted its stake in shares of Sun Life Financial by 38.6% in the third quarter. Westside Investment Management Inc. now owns 801 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 223 shares during the period. MAI Capital Management grew its holdings in Sun Life Financial by 121.8% during the 2nd quarter. MAI Capital Management now owns 896 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 492 shares in the last quarter. AlphaCore Capital LLC purchased a new stake in Sun Life Financial during the 2nd quarter worth $61,000. Finally, Financial Gravity Companies Inc. purchased a new stake in Sun Life Financial during the 2nd quarter worth $64,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Sun Life Financial Price Performance

NYSE SLF opened at $62.74 on Friday. The company has a market capitalization of $34.75 billion, a price-to-earnings ratio of 14.26 and a beta of 0.87. Sun Life Financial Inc. has a 12 month low of $52.44 and a 12 month high of $69.67. The company’s fifty day moving average price is $64.31 and its two-hundred day moving average price is $61.54.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, February 11th. The financial services provider reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.06. The company had revenue of $973.53 million during the quarter, compared to the consensus estimate of $973.53 million. Sun Life Financial had a net margin of 8.48% and a return on equity of 17.76%. During the same quarter in the previous year, the firm earned $1.68 EPS. As a group, analysts anticipate that Sun Life Financial Inc. will post 5.19 EPS for the current year.

Sun Life Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, February 25th will be issued a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend is Wednesday, February 25th. Sun Life Financial’s payout ratio is currently 61.36%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. TD Securities reissued a “buy” rating on shares of Sun Life Financial in a research report on Thursday, February 12th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Sun Life Financial in a research note on Thursday, January 8th. BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a report on Friday, February 13th. Wall Street Zen lowered Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Sun Life Financial in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Sun Life Financial currently has an average rating of “Hold” and a consensus price target of $86.50.

Sun Life Financial Company 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.