Westerkirk Capital Inc. Invests $2.33 Million in Sun Life Financial Inc. $SLF

Westerkirk Capital Inc. 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 35,060 shares of the financial services provider’s stock, valued at approximately $2,330,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Sun Life Financial by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 25,422,211 shares of the financial services provider’s stock valued at $1,691,568,000 after buying an additional 827,119 shares during the period. 1832 Asset Management L.P. boosted its position in Sun Life Financial by 8.9% in the 1st quarter. 1832 Asset Management L.P. now owns 10,338,250 shares of the financial services provider’s stock valued at $591,968,000 after buying an additional 846,735 shares during the period. Federation des caisses Desjardins du Quebec grew its stake in Sun Life Financial by 5.2% in the first quarter. Federation des caisses Desjardins du Quebec now owns 6,748,255 shares of the financial services provider’s stock worth $385,740,000 after purchasing an additional 335,054 shares in the last quarter. Norges Bank purchased a new position in shares of Sun Life Financial during the second quarter valued at $362,886,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Sun Life Financial by 7.1% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,957,785 shares of the financial services provider’s stock valued at $283,792,000 after purchasing an additional 327,388 shares during the period. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Morgan Stanley set a $89.00 price objective on shares of Sun Life Financial in a research note on Tuesday, October 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Sun Life Financial in a report on Wednesday, October 8th. Royal Bank Of Canada restated a “sector perform” rating and set a $84.00 price objective on shares of Sun Life Financial in a research note on Monday, November 10th. Evercore ISI reaffirmed an “outperform” rating on shares of Sun Life Financial in a research report on Thursday, October 9th. Finally, UBS Group initiated coverage on shares of Sun Life Financial in a report on Thursday, October 16th. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $86.50.

Sun Life Financial Price Performance

Shares of SLF stock opened at $57.73 on Tuesday. Sun Life Financial Inc. has a 1-year low of $52.44 and a 1-year high of $66.81. The stock’s fifty day moving average price is $60.18 and its 200 day moving average price is $61.19. The company has a market cap of $32.16 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 1.67 and a beta of 0.90.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.05. The company had revenue of $944.53 million during the quarter, compared to analysts’ expectations of $944.53 million. Sun Life Financial had a return on equity of 17.21% and a net margin of 7.59%.During the same period last year, the business posted $2.33 earnings per share. As a group, equities research analysts anticipate that Sun Life Financial Inc. will post 5.19 earnings per share 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 given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend is Wednesday, November 26th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.64. Sun Life Financial’s payout ratio is 69.41%.

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.