Mitsubishi UFJ Trust & Banking Corp Raises Stock Holdings in Sun Life Financial Inc. (NYSE:SLF)

Mitsubishi UFJ Trust & Banking Corp raised its position in Sun Life Financial Inc. (NYSE:SLFGet Rating) (TSE:SLF) by 11.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,474 shares of the financial services provider’s stock after buying an additional 4,951 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Sun Life Financial were worth $2,767,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SLF. Norges Bank purchased a new stake in Sun Life Financial in the fourth quarter valued at approximately $297,493,000. Bank of Nova Scotia lifted its stake in Sun Life Financial by 12.7% in the first quarter. Bank of Nova Scotia now owns 10,455,904 shares of the financial services provider’s stock valued at $583,786,000 after buying an additional 1,176,183 shares during the last quarter. Alberta Investment Management Corp lifted its stake in Sun Life Financial by 74.5% in the fourth quarter. Alberta Investment Management Corp now owns 1,503,612 shares of the financial services provider’s stock valued at $83,814,000 after buying an additional 642,000 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in Sun Life Financial by 406.0% in the fourth quarter. Public Sector Pension Investment Board now owns 643,954 shares of the financial services provider’s stock valued at $35,895,000 after buying an additional 516,690 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Sun Life Financial by 544.3% in the fourth quarter. Renaissance Technologies LLC now owns 525,100 shares of the financial services provider’s stock valued at $29,237,000 after buying an additional 443,600 shares during the last quarter. Hedge funds and other institutional investors own 46.86% of the company’s stock.

Sun Life Financial Stock Performance

Sun Life Financial stock opened at $43.95 on Friday. The firm has a market capitalization of $25.76 billion, a price-to-earnings ratio of 8.74, a price-to-earnings-growth ratio of 1.06 and a beta of 1.00. Sun Life Financial Inc. has a fifty-two week low of $42.83 and a fifty-two week high of $58.49. The stock’s fifty day moving average is $45.80 and its two-hundred day moving average is $49.58.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 24th will be issued a $0.539 dividend. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.54. The ex-dividend date is Tuesday, August 23rd. This represents a $2.16 annualized dividend and a yield of 4.91%. Sun Life Financial’s dividend payout ratio is 42.94%.

Wall Street Analyst Weigh In

Several research firms have recently commented on SLF. Canaccord Genuity Group cut their price target on Sun Life Financial from C$75.50 to C$67.00 in a research note on Sunday, May 15th. National Bank Financial cut their price target on Sun Life Financial from C$68.00 to C$67.00 in a research note on Tuesday, July 19th. TD Securities cut their price target on Sun Life Financial from C$72.00 to C$68.00 in a research note on Wednesday, June 1st. Desjardins cut their price target on Sun Life Financial from C$77.00 to C$73.00 in a research note on Monday, May 16th. Finally, Barclays began coverage on Sun Life Financial in a research note on Thursday, June 9th. They set an “overweight” rating and a $71.00 price target for the company. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Sun Life Financial currently has an average rating of “Moderate Buy” and an average target price of $72.14.

Sun Life Financial Profile

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Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. It offers term and permanent life, as well as personal health, dental, critical illness, long-term care, and disability insurance products. The company also provides reinsurance products; investment counselling and portfolio management services; mutual funds and segregated funds; trust and banking services; real estate property brokerage and appraisal services; and merchant banking services.

See Also

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Institutional Ownership by Quarter for Sun Life Financial (NYSE:SLF)

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