Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Sun Life Financial Inc. $SLF

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,315,807 shares of the financial services provider’s stock, valued at approximately $103,203,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SLF. Bank of Nova Scotia bought a new stake in Sun Life Financial during the second quarter worth about $544,052,000. Commerce Bank bought a new position in Sun Life Financial in the second quarter valued at approximately $231,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Sun Life Financial during the 2nd quarter worth approximately $1,891,000. Quantbot Technologies LP bought a new stake in shares of Sun Life Financial during the 2nd quarter worth approximately $4,744,000. Finally, Evolve Private Wealth LLC bought a new stake in shares of Sun Life Financial during the 2nd quarter worth approximately $1,355,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Analysts Set New Price Targets

SLF has been the subject of several analyst reports. Evercore cut shares of Sun Life Financial from an “outperform” rating to an “in-line” rating in a research note on Monday, July 13th. Scotiabank reaffirmed a “sector perform” rating on shares of Sun Life Financial in a research report on Monday, August 10th. BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a research report on Friday, May 8th. TD Cowen restated a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Finally, Argus set a $81.00 target price on shares of Sun Life Financial in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Sun Life Financial has a consensus rating of “Moderate Buy” and a consensus price target of $96.33.

Sun Life Financial Trading Up 0.1%

SLF stock opened at $79.07 on Monday. The firm has a market capitalization of $44.07 billion, a PE ratio of 18.48 and a beta of 0.88. Sun Life Financial Inc. has a 1-year low of $57.22 and a 1-year high of $84.38. The business’s 50 day simple moving average is $80.21 and its 200 day simple moving average is $72.23.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings results on Thursday, August 6th. The financial services provider reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%.The business had revenue of $10.10 billion for the quarter, compared to analysts’ expectations of $994.33 million. As a group, sell-side analysts predict that Sun Life Financial Inc. will post 5.72 EPS for the current fiscal year.

Sun Life Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 annualized dividend and a dividend yield of 4.9%. Sun Life Financial’s dividend payout ratio is presently 66.12%.

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.