Alliancebernstein L.P. Reduces Stock Position in Sun Life Financial Inc. (NYSE:SLF)

Alliancebernstein L.P. lessened its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 40.2% during the first quarter, HoldingsChannel.com reports. The fund owned 57,715 shares of the financial services provider’s stock after selling 38,792 shares during the quarter. Alliancebernstein L.P.’s holdings in Sun Life Financial were worth $2,917,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Sun Life Financial by 11.8% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 851,630 shares of the financial services provider’s stock worth $37,863,000 after purchasing an additional 89,790 shares during the period. Citigroup Inc. lifted its stake in shares of Sun Life Financial by 51.8% in the 4th quarter. Citigroup Inc. now owns 284,041 shares of the financial services provider’s stock worth $12,620,000 after purchasing an additional 96,924 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in shares of Sun Life Financial in the 4th quarter worth approximately $460,000. Barclays PLC lifted its stake in shares of Sun Life Financial by 2.9% in the 4th quarter. Barclays PLC now owns 128,498 shares of the financial services provider’s stock worth $5,714,000 after purchasing an additional 3,649 shares during the period. Finally, Running Point Capital Advisors LLC bought a new position in shares of Sun Life Financial in the 4th quarter worth approximately $229,000. 47.28% of the stock is currently owned by hedge funds and other institutional investors.

SLF stock opened at $52.91 on Friday. The firm has a fifty day simple moving average of $53.22. Sun Life Financial Inc. has a fifty-two week low of $35.18 and a fifty-two week high of $55.07. The stock has a market capitalization of $30.98 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.36 and a beta of 1.06.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its earnings results on Wednesday, May 5th. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.06. Sun Life Financial had a net margin of 8.04% and a return on equity of 14.09%. The firm had revenue of $1.20 billion during the quarter. Sell-side analysts expect that Sun Life Financial Inc. will post 4.43 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Wednesday, May 26th will be paid a dividend of $0.4487 per share. This represents a $1.79 annualized dividend and a yield of 3.39%. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.43. The ex-dividend date is Tuesday, May 25th. Sun Life Financial’s payout ratio is presently 20.00%.

A number of equities research analysts have commented on SLF shares. CIBC raised their target price on shares of Sun Life Financial from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, May 7th. TD Securities decreased their target price on shares of Sun Life Financial from $76.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday, May 6th. Credit Suisse Group raised their target price on shares of Sun Life Financial from $67.00 to $71.00 and gave the stock an “outperform” rating in a research note on Friday, April 30th. Scotiabank raised their target price on shares of Sun Life Financial from $70.00 to $76.00 and gave the stock an “outperform” rating in a research note on Thursday, April 29th. Finally, Canaccord Genuity raised their target price on shares of Sun Life Financial from $69.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, April 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $68.10.

About Sun Life Financial

Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. It offers term and permanent life, as well as health, dental, critical illness, long-term care, and disability insurance products. The company also provides reinsurance products; investment counselling and portfolio management services; mutual funds and segregated funds; trust and banking services; real estate property brokerage and appraisal services; and merchant banking services.

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Institutional Ownership by Quarter for Sun Life Financial (NYSE:SLF)

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