Man Group plc Invests $6.96 Million in Sun Life Financial Inc. $SLF

Man Group plc bought a new stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 88,782 shares of the financial services provider’s stock, valued at approximately $6,964,000.

Other hedge funds have also bought and sold shares of the company. Cassaday & Co Wealth Management LLC purchased a new position in shares of Sun Life Financial during the 1st quarter valued at $25,000. Cornerstone Planning Group LLC increased its stake in Sun Life Financial by 68.4% in the 4th 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. Brown Brothers Harriman & Co. bought a new stake in Sun Life Financial during the fourth quarter valued at about $30,000. Sittner & Nelson LLC bought a new stake in Sun Life Financial during the fourth quarter valued at about $33,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Sun Life Financial in the first quarter valued at about $33,000. Institutional investors own 52.26% of the company’s stock.

Sun Life Financial Trading Up 0.3%

Shares of SLF opened at $78.82 on Friday. The company’s fifty day simple moving average is $80.32 and its 200-day simple moving average is $72.68. The company has a market cap of $43.93 billion, a P/E ratio of 18.42 and a beta of 0.88. Sun Life Financial Inc. has a twelve month low of $57.22 and a twelve month high of $84.38.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07. The firm had revenue of $10.10 billion for the quarter, compared to analysts’ expectations of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. Analysts predict that Sun Life Financial Inc. will post 5.72 earnings per share for the current fiscal year.

Sun Life Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th will be issued a $0.96 dividend. The ex-dividend date is Wednesday, August 26th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.9%. Sun Life Financial’s dividend payout ratio (DPR) is currently 64.02%.

Analysts Set New Price Targets

SLF has been the topic of several recent analyst reports. TD Cowen reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Wall Street Zen raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a report on Sunday, July 26th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. Barclays reissued an “underweight” rating on shares of Sun Life Financial in a report on Friday, August 7th. Finally, Scotiabank restated a “sector perform” rating on shares of Sun Life Financial in a research report on Monday, August 10th. 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $96.33.

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.