Cardinal Capital Management Inc. boosted its holdings in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 0.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,129,139 shares of the financial services provider's stock after buying an additional 5,785 shares during the quarter. Sun Life Financial makes up approximately 2.2% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 20th largest position. Cardinal Capital Management Inc. owned approximately 0.20% of Sun Life Financial worth $64,651,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Sun Life Financial by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 24,233,496 shares of the financial services provider's stock worth $1,438,888,000 after acquiring an additional 197,887 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Sun Life Financial by 2.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 9,454,589 shares of the financial services provider's stock worth $562,121,000 after acquiring an additional 198,205 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Sun Life Financial by 10.8% during the fourth quarter. CIBC Asset Management Inc now owns 7,192,059 shares of the financial services provider's stock worth $427,712,000 after acquiring an additional 703,391 shares during the period. Norges Bank bought a new stake in shares of Sun Life Financial during the fourth quarter worth approximately $382,176,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Sun Life Financial by 30.6% during the fourth quarter. Geode Capital Management LLC now owns 3,467,275 shares of the financial services provider's stock worth $210,080,000 after acquiring an additional 812,689 shares during the period. Institutional investors and hedge funds own 52.26% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on SLF shares. Cormark upgraded Sun Life Financial from a "hold" rating to a "moderate buy" rating in a report on Thursday, February 13th. Scotiabank reiterated an "outperform" rating on shares of Sun Life Financial in a research note on Thursday, May 1st. BMO Capital Markets reiterated an "outperform" rating on shares of Sun Life Financial in a research note on Monday, May 12th. Finally, Royal Bank of Canada boosted their price target on Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $88.00.
View Our Latest Report on Sun Life Financial
Sun Life Financial Trading Down 1.2%
NYSE SLF traded down $0.75 on Friday, hitting $64.23. 499,266 shares of the company's stock were exchanged, compared to its average volume of 635,140. The stock has a 50-day moving average of $60.66 and a 200-day moving average of $58.89. The stock has a market cap of $36.20 billion, a price-to-earnings ratio of 16.73, a P/E/G ratio of 1.52 and a beta of 0.92. Sun Life Financial Inc. has a 52 week low of $46.41 and a 52 week high of $65.56.
Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its quarterly 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 company had revenue of $7.91 billion during the quarter, compared to the consensus estimate of $6.44 billion. Sun Life Financial had a net margin of 8.08% and a return on equity of 16.86%. During the same period in the prior year, the business earned $1.40 earnings per share. As a group, analysts predict 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 declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Wednesday, May 28th will be issued a dividend of $0.6332 per share. The ex-dividend date is Wednesday, May 28th. This is an increase from Sun Life Financial's previous quarterly dividend of $0.59. This represents a $2.53 annualized dividend and a dividend yield of 3.94%. Sun Life Financial's dividend payout ratio is 64.89%.
About Sun Life Financial
(
Free Report)
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.
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