Sun Life Financial Inc. $SLF Shares Sold by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich reduced its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 64.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,369 shares of the financial services provider’s stock after selling 166,534 shares during the period. Munich Reinsurance Co Stock Corp in Munich’s holdings in Sun Life Financial were worth $7,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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 position in shares of Sun Life Financial during the 1st quarter valued at approximately $25,000. First Bancorp Inc ME acquired a new position in Sun Life Financial during the second quarter worth $35,000. Brown Brothers Harriman & Co. acquired a new position in Sun Life Financial during the fourth quarter worth $30,000. Sittner & Nelson LLC purchased a new position in Sun Life Financial during the fourth quarter valued at $33,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of Sun Life Financial in the first quarter valued at about $33,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Analysts Set New Price Targets

SLF has been the subject of several research analyst reports. Royal Bank Of Canada upped their price target on shares of Sun Life Financial from $98.00 to $119.00 and gave the stock a “sector perform” rating in a research report on Monday, August 10th. Evercore cut Sun Life Financial from an “outperform” rating to an “in-line” rating in a report on Monday, July 13th. Argus increased their target price on Sun Life Financial from $81.00 to $88.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets restated an “outperform” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Finally, Canadian Imperial Bank of Commerce reaffirmed a “neutral” 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 assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.67.

Sun Life Financial Stock Up 0.2%

Shares of SLF opened at $80.97 on Friday. Sun Life Financial Inc. has a 52-week low of $57.22 and a 52-week high of $84.38. The stock has a fifty day simple moving average of $80.51 and a two-hundred day simple moving average of $73.13. The company has a market capitalization of $49.32 billion, a PE ratio of 18.93, a price-to-earnings-growth ratio of 2.01 and a beta of 0.87.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Thursday, August 6th. The financial services provider reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.07. Sun Life Financial had a net margin of 7.66% and a return on equity of 17.96%. The firm had revenue of $10.10 billion for the quarter, compared to analysts’ expectations of $994.33 million. As a group, equities analysts anticipate that Sun Life Financial Inc. will post 5.74 earnings per share for the current fiscal year.

Sun Life Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Wednesday, August 26th. This represents a $3.84 annualized dividend and a dividend yield of 4.7%. Sun Life Financial’s dividend payout ratio is 64.02%.

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.