Lazard Asset Management LLC Purchases 19,248 Shares of Sun Life Financial Inc. $SLF

Lazard Asset Management LLC lifted its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 224.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,805 shares of the financial services provider’s stock after purchasing an additional 19,248 shares during the quarter. Lazard Asset Management LLC’s holdings in Sun Life Financial were worth $1,742,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Louisbourg Investments Inc. raised its holdings in shares of Sun Life Financial by 3.0% during the 1st quarter. Louisbourg Investments Inc. now owns 5,105 shares of the financial services provider’s stock valued at $319,000 after buying an additional 150 shares in the last quarter. Cornerstone Planning Group LLC boosted its stake in 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 worth $26,000 after buying an additional 167 shares in the last quarter. Candriam S.C.A. grew its position in Sun Life Financial by 1.8% during the first quarter. Candriam S.C.A. now owns 9,794 shares of the financial services provider’s stock valued at $612,000 after acquiring an additional 177 shares during the last quarter. HB Wealth Management LLC grew its position in Sun Life Financial by 4.7% during the first quarter. HB Wealth Management LLC now owns 4,158 shares of the financial services provider’s stock valued at $260,000 after acquiring an additional 187 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of Sun Life Financial by 3.5% during the first quarter. Sei Investments Co. now owns 5,788 shares of the financial services provider’s stock worth $362,000 after acquiring an additional 196 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SLF has been the subject of a number of recent research reports. Scotiabank restated a “sector perform” rating on shares of Sun Life Financial in a report on Wednesday, July 15th. Evercore cut shares of Sun Life Financial from an “outperform” rating to an “in-line” rating in a research report on Monday, July 13th. Argus set a $81.00 price target on shares of Sun Life Financial in a research note on Wednesday, June 10th. Barclays restated an “underweight” rating on shares of Sun Life Financial in a research report on Tuesday, July 7th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Sun Life Financial in a research note on Friday, May 8th. One research 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $84.67.

Sun Life Financial Stock Performance

SLF opened at $82.50 on Tuesday. Sun Life Financial Inc. has a 52-week low of $56.22 and a 52-week high of $84.38. The stock has a market capitalization of $45.98 billion, a PE ratio of 21.26 and a beta of 0.88. The stock’s 50 day moving average price is $78.10 and its 200-day moving average price is $70.46.

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

Sun Life Financial Increases Dividend

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

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.