Asahi Life Asset Management CO. LTD. Purchases New Position in Sun Life Financial Inc. $SLF

Asahi Life Asset Management CO. LTD. acquired a new position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,450 shares of the financial services provider’s stock, valued at approximately $229,000.

Other hedge funds have also modified their holdings of the company. Private Trust Co. NA increased its position in Sun Life Financial by 130.6% in the second quarter. Private Trust Co. NA now owns 429 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 243 shares during the last quarter. Westside Investment Management Inc. increased its holdings in shares of Sun Life Financial by 62.8% in the 2nd quarter. Westside Investment Management Inc. now owns 578 shares of the financial services provider’s stock worth $38,000 after buying an additional 223 shares during the last quarter. Investment Management Corp VA ADV raised its position in shares of Sun Life Financial by 164.5% during the 1st quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider’s stock valued at $35,000 after buying an additional 385 shares in the last quarter. Clean Yield Group lifted its holdings in shares of Sun Life Financial by 36.8% in the 2nd quarter. Clean Yield Group now owns 925 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 249 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in Sun Life Financial in the first quarter worth about $55,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Stock Performance

Shares of SLF stock opened at $59.07 on Friday. The stock has a 50 day moving average price of $60.18 and a 200 day moving average price of $61.30. Sun Life Financial Inc. has a 52-week low of $52.44 and a 52-week high of $66.81. The firm has a market capitalization of $32.99 billion, a P/E ratio of 14.62, a P/E/G ratio of 1.67 and a beta of 0.90.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $1.35 EPS for the quarter, beating the consensus estimate of $1.30 by $0.05. Sun Life Financial had a return on equity of 17.21% and a net margin of 7.59%.The company had revenue of $944.53 million for the quarter, compared to the consensus estimate of $944.53 million. During the same quarter in the prior year, the company posted $2.33 EPS. As a group, sell-side analysts forecast that Sun Life Financial Inc. will post 5.19 EPS for the current year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, November 26th will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date is Wednesday, November 26th. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.64. Sun Life Financial’s dividend payout ratio (DPR) is 62.87%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SLF. National Bank Financial downgraded Sun Life Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 7th. Morgan Stanley set a $89.00 target price on Sun Life Financial in a research report on Tuesday, October 7th. National Bankshares restated a “sector perform” rating on shares of Sun Life Financial in a research report on Thursday. Evercore ISI reaffirmed an “outperform” rating on shares of Sun Life Financial in a research note on Thursday, October 9th. Finally, UBS Group assumed coverage on shares of Sun Life Financial in a research note on Thursday, October 16th. They issued a “neutral” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $88.50.

About Sun Life Financial

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.