Boston Financial Mangement LLC Has $4.11 Million Stake in Sun Life Financial Inc. (NYSE:SLF)

Boston Financial Mangement LLC raised its position in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 6.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 114,973 shares of the financial services provider’s stock after buying an additional 6,490 shares during the period. Boston Financial Mangement LLC’s holdings in Sun Life Financial were worth $4,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SLF. Beutel Goodman & Co Ltd. purchased a new position in Sun Life Financial during the first quarter worth approximately $221,905,000. AQR Capital Management LLC raised its stake in shares of Sun Life Financial by 686.8% in the first quarter. AQR Capital Management LLC now owns 1,429,171 shares of the financial services provider’s stock worth $52,038,000 after buying an additional 1,247,534 shares during the period. Greystone Managed Investments Inc. raised its stake in shares of Sun Life Financial by 562.3% in the first quarter. Greystone Managed Investments Inc. now owns 1,440,844 shares of the financial services provider’s stock worth $52,462,000 after buying an additional 1,223,285 shares during the period. AGF Investments Inc. raised its stake in shares of Sun Life Financial by 835.2% in the first quarter. AGF Investments Inc. now owns 1,163,929 shares of the financial services provider’s stock worth $42,452,000 after buying an additional 1,039,472 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Sun Life Financial by 4.8% in the first quarter. Vanguard Group Inc. now owns 13,072,396 shares of the financial services provider’s stock worth $477,796,000 after buying an additional 593,878 shares during the period. 42.95% of the stock is currently owned by institutional investors and hedge funds.

Sun Life Financial Inc. (SLF) opened at 38.48 on Friday. The firm has a market cap of $23.61 billion, a P/E ratio of 11.50 and a beta of 0.88. The stock has a 50 day moving average price of $37.62 and a 200-day moving average price of $36.15. Sun Life Financial Inc. has a one year low of $30.38 and a one year high of $40.57.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Wednesday, August 9th. The financial services provider reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.09. The company had revenue of $8.12 billion during the quarter, compared to analysts’ expectations of $7.36 billion. Sun Life Financial had a return on equity of 13.29% and a net margin of 12.48%. The firm’s quarterly revenue was down 14.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. Analysts predict that Sun Life Financial Inc. will post $3.22 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Wednesday, August 30th will be given a $0.3439 dividend. The ex-dividend date is Monday, August 28th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.32. This represents a $1.38 annualized dividend and a dividend yield of 3.57%. Sun Life Financial’s payout ratio is 40.06%.

Sun Life Financial declared that its Board of Directors has authorized a stock buyback plan on Wednesday, August 9th that authorizes the company to repurchase 11,500,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

SLF has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Sun Life Financial from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Tuesday, April 25th. Credit Suisse Group lowered shares of Sun Life Financial from an “outperform” rating to a “neutral” rating in a research note on Wednesday, May 10th. Royal Bank Of Canada upgraded shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating and set a $51.00 price target for the company in a research report on Wednesday, June 7th. ValuEngine upgraded shares of Sun Life Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, June 28th. Finally, BidaskClub raised shares of Sun Life Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $45.80.

About Sun Life Financial

Sun Life Financial Inc is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. It operates through five segments. The Sun Life Financial Canada segment provides retail insurance and investment advice, products and services to people across Canada.