Connor Clark & Lunn Investment Management Ltd. Acquires 327,388 Shares of Sun Life Financial Inc. (NYSE:SLF)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Sun Life Financial Inc. by 7.1%, owning nearly 4.96 million shares, which makes up 1.2% of its portfolio.
• Sun Life Financial announced a quarterly dividend increase to $0.6394 per share, leading to an annualized yield of 4.5%, with a payout ratio of 64.89%.
• The company recently reported earnings of $1.29 per share, matching analysts' expectations, while its revenue of $6.65 billion fell short of anticipated figures.

Connor Clark & Lunn Investment Management Ltd. raised its stake in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 7.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,957,785 shares of the financial services provider's stock after acquiring an additional 327,388 shares during the quarter. Sun Life Financial makes up 1.2% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its 16th biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.87% of Sun Life Financial worth $283,792,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in shares of Sun Life Financial by 2,071.4% in the fourth quarter. Wellington Management Group LLP now owns 1,350,751 shares of the financial services provider's stock valued at $80,160,000 after purchasing an additional 1,288,545 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Sun Life Financial by 71.9% in the fourth quarter. Canada Pension Plan Investment Board now owns 2,867,939 shares of the financial services provider's stock valued at $170,068,000 after purchasing an additional 1,200,000 shares during the period. Value Partners Investments Inc. increased its holdings in Sun Life Financial by 1,002.9% during the 1st quarter. Value Partners Investments Inc. now owns 1,120,888 shares of the financial services provider's stock worth $64,216,000 after acquiring an additional 1,019,254 shares during the period. Jupiter Asset Management Ltd. bought a new stake in Sun Life Financial during the 1st quarter worth approximately $50,968,000. Finally, TD Asset Management Inc increased its holdings in Sun Life Financial by 2.4% during the 1st quarter. TD Asset Management Inc now owns 16,100,340 shares of the financial services provider's stock worth $921,330,000 after acquiring an additional 374,682 shares during the period. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Sun Life Financial Stock Performance

Shares of SLF stock traded up $0.73 during trading hours on Tuesday, reaching $57.61. The company had a trading volume of 541,243 shares, compared to its average volume of 685,417. The business has a fifty day moving average price of $63.15 and a 200-day moving average price of $59.81. Sun Life Financial Inc. has a one year low of $49.35 and a one year high of $66.81. The firm has a market cap of $32.44 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.51 and a beta of 0.90.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its quarterly earnings results on Thursday, August 7th. The financial services provider reported $1.29 EPS for the quarter, hitting analysts' consensus estimates of $1.29. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.08%. The firm had revenue of $6.65 billion during the quarter, compared to analyst estimates of $7.34 billion. During the same period in the previous year, the business posted $1.11 earnings per share. Equities research analysts forecast that Sun Life Financial Inc. will post 5.19 EPS for the current year.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Wednesday, August 27th will be given a dividend of $0.6394 per share. This represents a $2.56 annualized dividend and a yield of 4.4%. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.63. The ex-dividend date is Wednesday, August 27th. Sun Life Financial's dividend payout ratio (DPR) is presently 63.12%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SLF shares. Royal Bank Of Canada upped their target price on shares of Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Barclays cut shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research report on Monday, July 7th. Scotiabank raised shares of Sun Life Financial to a "hold" rating in a research report on Thursday, July 31st. BMO Capital Markets reaffirmed an "outperform" rating on shares of Sun Life Financial in a research report on Monday, May 12th. Finally, National Bank Financial cut shares of Sun Life Financial from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $88.00.

About Sun Life Financial

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.