Munich Reinsurance Co Stock Corp in Munich Acquires 224,649 Shares of Sun Life Financial Inc. $SLF

Munich Reinsurance Co Stock Corp in Munich boosted its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 637.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 259,903 shares of the financial services provider’s stock after purchasing an additional 224,649 shares during the period. Munich Reinsurance Co Stock Corp in Munich’s holdings in Sun Life Financial were worth $16,231,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Cornerstone Planning Group LLC increased its stake in shares of Sun Life Financial by 68.4% during the fourth quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider’s stock valued at $26,000 after buying an additional 167 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in Sun Life Financial in the fourth quarter worth $30,000. Sittner & Nelson LLC purchased a new stake in Sun Life Financial in the fourth quarter worth $33,000. Manchester Capital Management LLC bought a new stake in Sun Life Financial in the fourth quarter valued at $49,000. Finally, LOM Asset Management Ltd purchased a new position in Sun Life Financial during the 4th quarter valued at $53,000. Hedge funds and other institutional investors own 52.26% of the company’s stock.

Sun Life Financial Trading Down 0.6%

Shares of Sun Life Financial stock opened at $79.40 on Thursday. Sun Life Financial Inc. has a 12 month low of $56.22 and a 12 month high of $80.36. The firm has a market capitalization of $44.30 billion, a P/E ratio of 20.46 and a beta of 0.88. The business has a fifty day simple moving average of $74.59 and a two-hundred day simple moving average of $68.06.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. The firm had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $925.99 million. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. During the same period in the prior year, the firm earned $1.82 EPS. Analysts predict that Sun Life Financial Inc. will post 5.76 earnings per share for the current year.

Sun Life Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Wednesday, May 27th were issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.8%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, May 27th. Sun Life Financial’s dividend payout ratio is currently 72.94%.

Analysts Set New Price Targets

SLF has been the subject of several research analyst reports. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. TD Cowen reiterated a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Sun Life Financial in a research note on Monday. BMO Capital Markets restated an “outperform” rating on shares of Sun Life Financial in a report on Friday, May 8th. Finally, Argus set a $81.00 target price on Sun Life Financial in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Sun Life Financial has an average rating of “Moderate Buy” and an average target price of $84.67.

Sun Life Financial 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.