Bank of New York Mellon Corp Has $33.86 Million Stock Position in Sun Life Financial Inc. (NYSE:SLF)

Bank of New York Mellon Corp grew its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 5.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 591,310 shares of the financial services provider’s stock after buying an additional 32,048 shares during the period. Bank of New York Mellon Corp’s holdings in Sun Life Financial were worth $33,858,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SLF. GeoWealth Management LLC lifted its holdings in shares of Sun Life Financial by 4,657.1% during the 4th quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider’s stock valued at $59,000 after purchasing an additional 978 shares in the last quarter. CX Institutional acquired a new stake in Sun Life Financial in the 1st quarter valued at approximately $109,000. Blue Trust Inc. raised its position in Sun Life Financial by 7.6% in the 1st quarter. Blue Trust Inc. now owns 3,437 shares of the financial services provider’s stock valued at $197,000 after buying an additional 243 shares during the last quarter. Merit Financial Group LLC acquired a new stake in Sun Life Financial in the 1st quarter valued at approximately $200,000. Finally, Grimes & Company Inc. raised its position in Sun Life Financial by 17.2% in the 1st quarter. Grimes & Company Inc. now owns 4,030 shares of the financial services provider’s stock valued at $231,000 after buying an additional 590 shares during the last quarter. Institutional investors own 52.26% of the company’s stock.

Sun Life Financial Price Performance

Shares of SLF stock opened at $62.06 on Wednesday. The business’s 50 day simple moving average is $63.84 and its 200 day simple moving average is $59.46. Sun Life Financial Inc. has a one year low of $46.41 and a one year high of $66.81. The stock has a market capitalization of $34.98 billion, a PE ratio of 15.79, a PEG ratio of 1.69 and a beta of 0.91.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.05. The company had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. Sun Life Financial had a return on equity of 17.33% and a net margin of 7.47%. During the same period in the prior year, the firm earned $1.40 earnings per share. As a group, research analysts expect that Sun Life Financial Inc. will post 5.19 earnings per share for the current year.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Wednesday, May 28th were given a dividend of $0.6332 per share. This represents a $2.53 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend was Wednesday, May 28th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s dividend payout ratio (DPR) is 64.89%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SLF shares. Barclays lowered Sun Life Financial from an “equal weight” rating to an “underweight” rating in a research report on Monday, July 7th. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a research note on Monday, May 12th. Scotiabank reiterated an “outperform” rating on shares of Sun Life Financial in a research note on Thursday, May 1st. Finally, Royal Bank Of Canada increased their price target on Sun Life Financial from $82.00 to $88.00 and gave the company an “outperform” rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

Sun Life Financial Profile

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.