Bank of Nova Scotia Trust Co. Sells 12,517 Shares of Sun Life Financial Inc. (NYSE:SLF)

Key Points

• Bank of Nova Scotia Trust Co. sold 12,517 shares of Sun Life Financial, reducing its stake by 4.0% in the first quarter, while still holding 303,723 shares valued at approximately $17.39 million.
• Sun Life Financial recently increased its quarterly dividend to $0.6332 per share, reflecting a yield of 4.2% and an annualized payout of $2.53.
• The company reported a quarterly earnings per share (EPS) of $1.27, exceeding analyst expectations of $1.22, alongside revenues of $7.91 billion, surpassing estimates of $6.44 billion.

Bank of Nova Scotia Trust Co. reduced its holdings in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 4.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 303,723 shares of the financial services provider's stock after selling 12,517 shares during the period. Sun Life Financial comprises approximately 1.9% of Bank of Nova Scotia Trust Co.'s portfolio, making the stock its 20th biggest holding. Bank of Nova Scotia Trust Co. owned about 0.05% of Sun Life Financial worth $17,391,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Investment Management Corp VA ADV lifted its stake in Sun Life Financial by 164.5% in the first quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider's stock worth $35,000 after acquiring an additional 385 shares during the period. Hexagon Capital Partners LLC lifted its stake in Sun Life Financial by 53.2% in the first quarter. Hexagon Capital Partners LLC now owns 665 shares of the financial services provider's stock worth $38,000 after acquiring an additional 231 shares during the period. Financial Gravity Asset Management Inc. purchased a new stake in Sun Life Financial in the first quarter worth $55,000. GeoWealth Management LLC lifted its stake in Sun Life Financial by 4,657.1% in the fourth quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider's stock worth $59,000 after acquiring an additional 978 shares during the period. Finally, CX Institutional purchased a new stake in Sun Life Financial in the first quarter worth $109,000. 52.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Royal Bank Of Canada raised their price target on Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, May 12th. Scotiabank raised Sun Life Financial to a "hold" rating in a research report on Thursday. Barclays lowered Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research report on Monday, July 7th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $88.00.

Sun Life Financial Trading Down 1.0%

NYSE:SLF traded down $0.62 on Friday, reaching $60.38. 611,942 shares of the stock traded hands, compared to its average volume of 769,429. The company has a market capitalization of $34.00 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 1.62 and a beta of 0.90. Sun Life Financial Inc. has a 12 month low of $46.41 and a 12 month high of $66.81. The company's fifty day simple moving average is $63.68 and its 200 day simple moving average is $59.76.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last issued its earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.05. The business had revenue of $7.91 billion during the quarter, compared to analysts' expectations of $6.44 billion. Sun Life Financial had a net margin of 7.47% and a return on equity of 17.33%. During the same period in the previous year, the company earned $1.40 earnings per share. Equities analysts anticipate that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Wednesday, May 28th were issued a $0.6332 dividend. This represents a $2.53 annualized dividend and a yield of 4.2%. The ex-dividend date was Wednesday, May 28th. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.59. Sun Life Financial's dividend payout ratio is 64.89%.

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.