Sun Life Financial (NYSE:SLF) Upgraded at StockNews.com

StockNews.com upgraded shares of Sun Life Financial (NYSE:SLF) (TSE:SLF) from a hold rating to a buy rating in a research note released on Wednesday morning.

Separately, Barclays initiated coverage on Sun Life Financial in a research note on Thursday, September 5th. They set an “equal weight” rating for the company.

Sun Life Financial Stock Performance

Shares of SLF stock opened at $59.24 on Wednesday. Sun Life Financial has a fifty-two week low of $46.41 and a fifty-two week high of $59.81. The company has a 50 day moving average price of $56.82 and a 200 day moving average price of $52.59. The stock has a market capitalization of $37.33 billion, a P/E ratio of 13.19, a price-to-earnings-growth ratio of 1.51 and a beta of 1.01.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Monday, August 12th. The financial services provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.18 by $0.07. Sun Life Financial had a net margin of 7.32% and a return on equity of 17.44%. The company had revenue of $6.52 billion during the quarter, compared to analysts’ expectations of $6.72 billion. On average, research analysts forecast that Sun Life Financial will post 4.87 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be issued a dividend of $0.621 per share. This represents a $2.48 annualized dividend and a yield of 4.19%. The ex-dividend date is Wednesday, November 27th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s payout ratio is 52.34%.

Institutional Investors Weigh In On Sun Life Financial

A number of hedge funds and other institutional investors have recently modified their holdings of SLF. GAMMA Investing LLC raised its stake in Sun Life Financial by 6,244.4% in the second quarter. GAMMA Investing LLC now owns 571 shares of the financial services provider’s stock valued at $28,000 after buying an additional 562 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Sun Life Financial by 2,747.4% in the 3rd quarter. Assetmark Inc. now owns 541 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 522 shares during the last quarter. Addison Advisors LLC raised its position in shares of Sun Life Financial by 124.9% during the 3rd quarter. Addison Advisors LLC now owns 650 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 361 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in Sun Life Financial during the second quarter worth approximately $39,000. Finally, Clean Yield Group acquired a new position in Sun Life Financial in the third quarter valued at $39,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

About Sun Life Financial

Sun Life Financial Inc, a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate. It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.