JCP Investment Management LLC Makes New $798,000 Investment in Sun Life Financial Inc. $SLF

JCP Investment Management LLC bought a new stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 12,762 shares of the financial services provider’s stock, valued at approximately $798,000. Sun Life Financial makes up approximately 0.5% of JCP Investment Management LLC’s holdings, making the stock its 21st largest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Sun Life Financial during the 4th quarter worth approximately $398,037,000. Morgan Stanley increased its stake in Sun Life Financial by 86.6% in the 4th quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock valued at $246,645,000 after purchasing an additional 1,834,772 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Sun Life Financial by 2,187.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider’s stock valued at $100,276,000 after purchasing an additional 1,531,200 shares in the last quarter. Bank of Nova Scotia raised its holdings in Sun Life Financial by 27.1% during the fourth quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider’s stock worth $373,984,000 after purchasing an additional 1,277,583 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Sun Life Financial by 123.4% during the fourth quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider’s stock worth $140,339,000 after purchasing an additional 1,240,241 shares during the last quarter. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SLF has been the topic of several research reports. TD Securities reissued a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. Argus set a $81.00 price target on Sun Life Financial in a research note on Wednesday, June 10th. Barclays reiterated an “underweight” rating on shares of Sun Life Financial in a research report on Tuesday, July 7th. Evercore cut shares of Sun Life Financial from an “outperform” rating to an “in-line” rating in a research note on Monday, July 13th. Finally, TD Cowen restated a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $84.67.

Sun Life Financial Stock Performance

Shares of NYSE:SLF opened at $82.19 on Monday. The business’s fifty day moving average price is $76.88 and its two-hundred day moving average price is $69.60. The stock has a market cap of $45.81 billion, a PE ratio of 21.18 and a beta of 0.88. Sun Life Financial Inc. has a one year low of $56.22 and a one year high of $82.44.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly 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. 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 analysts’ expectations of $925.99 million. During the same period in the previous year, the firm posted $1.82 earnings per share. As a group, equities research analysts predict that Sun Life Financial Inc. will post 5.69 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th were paid a $0.96 dividend. This represents a $3.84 annualized dividend and a 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 dividend payout ratio is presently 72.68%.

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.