MidFirst Bank Buys New Shares in Sun Life Financial Inc. $SLF

MidFirst Bank purchased a new stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 30,489 shares of the financial services provider’s stock, valued at approximately $1,903,000.

A number of other large investors have also recently bought and sold shares of SLF. DGS Capital Management LLC bought a new position in shares of Sun Life Financial in the 4th quarter worth about $209,000. Compound Planning Inc. lifted its stake in shares of Sun Life Financial by 12.9% in the 4th quarter. Compound Planning Inc. now owns 5,820 shares of the financial services provider’s stock valued at $363,000 after purchasing an additional 663 shares during the period. Invesco Ltd. boosted its position in shares of Sun Life Financial by 1.9% during the 4th quarter. Invesco Ltd. now owns 1,383,327 shares of the financial services provider’s stock valued at $86,320,000 after purchasing an additional 25,196 shares in the last quarter. Axxcess Wealth Management LLC bought a new stake in shares of Sun Life Financial during the 4th quarter valued at about $201,000. Finally, Corient Private Wealth LLC grew its stake in Sun Life Financial by 30.6% during the fourth quarter. Corient Private Wealth LLC now owns 23,579 shares of the financial services provider’s stock worth $1,472,000 after purchasing an additional 5,520 shares during the period. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Sun Life Financial Price Performance

Shares of SLF opened at $78.95 on Friday. Sun Life Financial Inc. has a one year low of $56.22 and a one year high of $78.98. The company has a market cap of $43.76 billion, a PE ratio of 20.35 and a beta of 0.89. The stock has a 50-day moving average of $71.84 and a 200-day moving average of $66.16.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted 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. The business had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $925.99 million. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.During the same period in the prior year, the business earned $1.82 EPS. Analysts expect that Sun Life Financial Inc. will post 5.76 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.96 per share. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. This represents a $3.84 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Wednesday, May 27th. Sun Life Financial’s dividend payout ratio is presently 72.94%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a report on Friday, May 8th. Evercore reaffirmed an “outperform” rating on shares of Sun Life Financial in a research report on Thursday, February 19th. Argus set a $81.00 price objective on shares of Sun Life Financial in a research note on Wednesday, June 10th. TD Cowen reiterated a “buy” rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Finally, National Bank Financial raised shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $84.67.

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.