Cardinal Capital Management Inc. Sells 1,062,650 Shares of Sun Life Financial Inc. $SLF

Key Points

• Cardinal Capital Management reduced its Sun Life Financial position by 47.6%, selling 1,062,650 shares in the second quarter and retaining 1,168,774 shares valued at approximately $91.6 million.
• Sun Life Financial reported quarterly adjusted EPS of $1.46, exceeding analysts’ $1.39 consensus estimate. The company also declared a quarterly dividend of $0.96 per share, representing a 4.8% annualized yield.
• Analysts maintain a generally positive view, with the stock carrying a “Moderate Buy” consensus rating and a $96.33 average price target, compared with its reported opening price of $80.64.

Cardinal Capital Management Inc. cut its position in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 47.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,168,774 shares of the financial services provider's stock after selling 1,062,650 shares during the period. Sun Life Financial comprises 2.2% of Cardinal Capital Management Inc.'s portfolio, making the stock its 19th largest holding. Cardinal Capital Management Inc. owned approximately 0.21% of Sun Life Financial worth $91,582,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Sun Life Financial in the 4th quarter worth $398,037,000. Morgan Stanley raised its holdings in Sun Life Financial by 86.6% during the fourth quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider's stock valued at $246,645,000 after acquiring an additional 1,834,772 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Sun Life Financial by 2,187.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider's stock valued at $100,276,000 after acquiring an additional 1,531,200 shares in the last quarter. Bank of Nova Scotia boosted its stake in shares of Sun Life Financial by 27.1% in the fourth quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider's stock worth $373,984,000 after acquiring an additional 1,277,583 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of Sun Life Financial by 123.4% during the fourth quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider's stock worth $140,339,000 after purchasing an additional 1,240,241 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Price Performance

NYSE:SLF opened at $80.64 on Wednesday. Sun Life Financial Inc. has a 1 year low of $57.22 and a 1 year high of $84.38. The stock's 50 day simple moving average is $79.27 and its two-hundred day simple moving average is $71.28. The company has a market cap of $44.95 billion, a price-to-earnings ratio of 18.85 and a beta of 0.88.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its earnings results on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.07. Sun Life Financial had a return on equity of 17.99% and a net margin of 7.66%.The firm had revenue of $10.10 billion during the quarter, compared to the consensus estimate of $994.33 million. As a group, analysts anticipate that Sun Life Financial Inc. will post 5.72 EPS for the current year.

Sun Life Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be given a dividend of $0.96 per share. The ex-dividend date is Wednesday, August 26th. This represents a $3.84 annualized dividend and a yield of 4.8%. Sun Life Financial's dividend payout ratio (DPR) is 66.12%.

Wall Street Analyst Weigh In

SLF has been the topic of several recent analyst reports. Wall Street Zen raised Sun Life Financial from a "sell" rating to a "hold" rating in a research note on Sunday, July 26th. Argus set a $81.00 price objective on shares of Sun Life Financial in a research report on Wednesday, June 10th. Scotiabank restated a "sector perform" rating on shares of Sun Life Financial in a research report on Monday. TD Securities reiterated a "buy" rating on shares of Sun Life Financial in a report on Friday. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Sun Life Financial in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Sun Life Financial currently has an average rating of "Moderate Buy" and a consensus price target of $96.33.

Sun Life Financial Company Profile

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.

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