The Manufacturers Life Insurance Company Has $537.29 Million Stock Position in Sun Life Financial Inc. (NYSE:SLF)

The Manufacturers Life Insurance Company raised its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 7.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 9,256,384 shares of the financial services provider’s stock after purchasing an additional 654,404 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Sun Life Financial were worth $537,288,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SLF. GAMMA Investing LLC increased its stake in shares of 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 position in 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 in the last quarter. Addison Advisors LLC increased its position in Sun Life Financial by 124.9% in the 3rd quarter. Addison Advisors LLC now owns 650 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 361 shares in the last quarter. Ridgewood Investments LLC bought a new position in shares of Sun Life Financial in the second quarter worth about $39,000. Finally, Clean Yield Group acquired a new position in shares of Sun Life Financial during the third quarter worth approximately $39,000. 52.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SLF shares. Barclays initiated coverage on shares of Sun Life Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company. StockNews.com cut shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th.

Sun Life Financial Trading Up 0.7 %

Sun Life Financial stock opened at $61.58 on Tuesday. The firm has a market capitalization of $35.45 billion, a P/E ratio of 13.71, a PEG ratio of 1.58 and a beta of 1.01. The business has a 50-day moving average of $57.99 and a 200-day moving average of $53.25. Sun Life Financial Inc. has a 1 year low of $46.41 and a 1 year high of $61.86.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be paid a $0.621 dividend. This represents a $2.48 annualized dividend and a yield of 4.03%. The ex-dividend date is Wednesday, November 27th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s dividend payout ratio is presently 52.34%.

Sun Life Financial Company Profile

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.