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. lessened its holdings in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 303,723 shares of the financial services provider's stock after selling 12,517 shares during the period. Sun Life Financial accounts for approximately 1.9% of Bank of Nova Scotia Trust Co.'s investment portfolio, making the stock its 20th biggest position. Bank of Nova Scotia Trust Co. owned about 0.05% of Sun Life Financial worth $17,391,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SLF. Brighton Jones LLC purchased a new position in Sun Life Financial during the fourth quarter worth about $244,000. Sei Investments Co. raised its stake in Sun Life Financial by 14.9% during the 4th quarter. Sei Investments Co. now owns 18,699 shares of the financial services provider's stock worth $1,110,000 after acquiring an additional 2,429 shares in the last quarter. LPL Financial LLC grew its position in Sun Life Financial by 120.8% during the 4th quarter. LPL Financial LLC now owns 93,857 shares of the financial services provider's stock worth $5,569,000 after purchasing an additional 51,351 shares during the last quarter. Orion Portfolio Solutions LLC raised its position in Sun Life Financial by 3.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 11,763 shares of the financial services provider's stock worth $698,000 after buying an additional 423 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in shares of Sun Life Financial by 182.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 12,979 shares of the financial services provider's stock worth $759,000 after purchasing an additional 8,380 shares in the last quarter. Institutional investors and hedge funds own 52.26% of the company's stock.

Wall Street Analysts Forecast Growth

SLF has been the subject of a number of analyst reports. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a report on Monday, May 12th. Royal Bank Of Canada raised their price target on shares of Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, May 12th. Barclays lowered Sun Life Financial from an "equal weight" rating to an "underweight" rating in a report on Monday, July 7th. Finally, Scotiabank upgraded Sun Life Financial to a "hold" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $88.00.

Sun Life Financial Price Performance

Shares of Sun Life Financial stock traded up $1.12 during midday trading on Wednesday, hitting $61.84. 580,289 shares of the company were exchanged, compared to its average volume of 677,368. The firm has a market cap of $34.83 billion, a P/E ratio of 15.74, a PEG ratio of 1.64 and a beta of 0.90. Sun Life Financial Inc. has a 52 week low of $46.83 and a 52 week high of $66.81. The firm has a 50 day simple moving average of $63.56 and a 200-day simple moving average of $59.78.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its quarterly earnings data on Thursday, May 8th. The financial services provider reported $1.27 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.05. Sun Life Financial had a return on equity of 17.33% and a net margin of 7.47%. The firm had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter last year, the company earned $1.40 EPS. Equities research analysts expect that Sun Life Financial Inc. will post 5.19 earnings per share for the current year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Wednesday, May 28th were issued a $0.6332 dividend. This is a boost from Sun Life Financial's previous quarterly dividend of $0.59. The ex-dividend date was Wednesday, May 28th. This represents a $2.53 annualized dividend and a yield of 4.1%. Sun Life Financial's dividend payout ratio (DPR) is currently 64.89%.

Sun Life Financial 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.