Healthcare of Ontario Pension Plan Trust Fund Buys 1,531,200 Shares of Sun Life Financial Inc. $SLF

Healthcare of Ontario Pension Plan Trust Fund increased its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 2,187.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,601,200 shares of the financial services provider’s stock after purchasing an additional 1,531,200 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Sun Life Financial were worth $100,276,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC purchased a new stake in Sun Life Financial during the 1st quarter valued at $25,000. Cornerstone Planning Group LLC increased its position in shares of Sun Life Financial by 68.4% in the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 167 shares during the period. Brown Brothers Harriman & Co. purchased a new position in shares of Sun Life Financial in the fourth quarter valued at about $30,000. Sittner & Nelson LLC bought a new position in shares of Sun Life Financial during the fourth quarter valued at about $33,000. Finally, Scarborough Advisors LLC bought a new position in shares of Sun Life Financial during the first quarter valued at about $33,000. 52.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SLF shares. Weiss Ratings reissued a “buy (b)” rating on shares of Sun Life Financial in a research note on Monday, July 6th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Scotiabank reiterated a “sector perform” rating on shares of Sun Life Financial in a report on Wednesday, July 15th. Wall Street Zen lowered Sun Life Financial from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Finally, TD Securities reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $84.67.

Sun Life Financial Stock Up 1.0%

SLF opened at $82.19 on Friday. Sun Life Financial Inc. has a 52 week low of $56.22 and a 52 week high of $82.44. The stock has a market cap of $45.81 billion, a PE ratio of 21.18 and a beta of 0.88. The business has a 50 day moving average of $76.88 and a 200-day moving average of $69.56.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.03. The company had revenue of $6.41 billion for the quarter, compared to analysts’ expectations of $925.99 million. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.During the same period in the prior year, the firm earned $1.82 earnings per share. Equities analysts anticipate that Sun Life Financial Inc. will post 5.69 EPS for the current year.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Wednesday, May 27th were given a $0.96 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.7%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. Sun Life Financial’s payout ratio is currently 72.94%.

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.