Neuberger Berman Group LLC Has $11.25 Million Position in Sun Life Financial Inc. (NYSE:SLF)

Posted by Defense World Staff on Jun 9th, 2023

Neuberger Berman Group LLC lowered its holdings in shares of Sun Life Financial Inc. (NYSE:SLF – Get Rating) (TSE:SLF) by 3.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 242,379 shares of the financial services provider’s stock after selling 8,293 shares during the period. Neuberger Berman Group LLC’s holdings in Sun Life Financial were worth $11,246,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Achmea Investment Management B.V. purchased a new position in Sun Life Financial during the first quarter worth about $32,000. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Sun Life Financial during the third quarter valued at approximately $26,000. AdvisorNet Financial Inc boosted its position in shares of Sun Life Financial by 76.9% in the 4th quarter. AdvisorNet Financial Inc now owns 835 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 363 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in shares of Sun Life Financial in the 4th quarter worth approximately $45,000. Finally, Oxler Private Wealth LLC bought a new position in Sun Life Financial during the 3rd quarter valued at approximately $44,000. Institutional investors and hedge funds own 44.94% of the company’s stock.

Sun Life Financial Stock Down 0.2 %

SLF opened at $50.45 on Friday. The business has a fifty day moving average of $48.51 and a 200 day moving average of $47.92. Sun Life Financial Inc. has a 52-week low of $37.96 and a 52-week high of $51.63. The stock has a market cap of $29.60 billion, a P/E ratio of 13.07, a PEG ratio of 1.33 and a beta of 1.01.

Sun Life Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Wednesday, May 31st will be issued a dividend of $0.554 per share. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $2.22 annualized dividend and a yield of 4.39%. Sun Life Financial’s payout ratio is currently 57.25%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. TD Securities boosted their price objective on shares of Sun Life Financial from C$68.00 to C$71.00 in a report on Friday, February 10th. Royal Bank of Canada raised Sun Life Financial from a “sector perform” rating to an “outperform” rating in a report on Monday, May 15th. StockNews.com assumed coverage on Sun Life Financial in a research note on Thursday, May 18th. They set a “hold” rating for the company. BMO Capital Markets increased their price objective on shares of Sun Life Financial from C$76.00 to C$78.00 in a research note on Friday, February 10th. Finally, CIBC cut Sun Life Financial from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 9th. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.78.

About Sun Life Financial

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Sun Life Financial, Inc engages in the provision of insurance and asset management solutions to individual and corporate clients. It operates through the following segments: Canada, United States, Asset Management, Asia, and Corporate. The Canada segment offers individual insurance and group benefits and retirement services.