Hillsdale Investment Management Inc. Purchases 46,675 Shares of Sun Life Financial Inc. $SLF

Key Points

• Hillsdale Investment Management increased its Sun Life Financial stake by 1,342.4% in the first quarter, buying 46,675 shares and bringing its total holdings to 50,152 shares worth about $3.14 million.
• Sun Life Financial reported strong quarterly earnings, posting $1.38 EPS versus the $1.35 consensus estimate, while analysts currently expect 5.73 EPS for the full year.
• The company raised its quarterly dividend to $0.96 per share, lifting the annualized payout to $3.84 and a yield of about 4.7%; Wall Street’s consensus rating remains Moderate Buy with a target price of $84.67.

Hillsdale Investment Management Inc. increased its position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 1,342.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,152 shares of the financial services provider's stock after buying an additional 46,675 shares during the period. Hillsdale Investment Management Inc.'s holdings in Sun Life Financial were worth $3,141,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Louisbourg Investments Inc. grew its holdings in Sun Life Financial by 3.0% during the 1st quarter. Louisbourg Investments Inc. now owns 5,105 shares of the financial services provider's stock worth $319,000 after acquiring an additional 150 shares in the last quarter. Cornerstone Planning Group LLC raised its holdings in shares of Sun Life Financial by 68.4% in the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 167 shares in the last quarter. Candriam S.C.A. lifted its position in shares of Sun Life Financial by 1.8% in the 1st quarter. Candriam S.C.A. now owns 9,794 shares of the financial services provider's stock worth $612,000 after purchasing an additional 177 shares during the period. HB Wealth Management LLC lifted its position in shares of Sun Life Financial by 4.7% in the 1st quarter. HB Wealth Management LLC now owns 4,158 shares of the financial services provider's stock worth $260,000 after purchasing an additional 187 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Sun Life Financial by 1.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,916 shares of the financial services provider's stock valued at $824,000 after purchasing an additional 222 shares in the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Price Performance

Shares of NYSE:SLF opened at $81.27 on Thursday. The business's 50-day moving average is $75.38 and its 200 day moving average is $68.68. Sun Life Financial Inc. has a 1 year low of $56.22 and a 1 year high of $81.60. The firm has a market capitalization of $45.30 billion, a P/E ratio of 20.95 and a beta of 0.88.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.35 by $0.03. Sun Life Financial had a return on equity of 17.80% and a net margin of 7.85%.The business had revenue of $6.41 billion for the quarter, compared to analyst estimates of $925.99 million. During the same quarter in the previous year, the firm earned $1.82 earnings per share. On average, analysts expect that Sun Life Financial Inc. will post 5.73 EPS for the current year.

Sun Life Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, May 27th were paid a $0.96 dividend. This is a boost from Sun Life Financial's previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, May 27th. This represents a $3.84 dividend on an annualized basis and a yield of 4.7%. Sun Life Financial's dividend payout ratio (DPR) is 72.94%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SLF. Evercore downgraded shares of Sun Life Financial from an "outperform" rating to an "in-line" rating in a research note on Monday. BMO Capital Markets reaffirmed an "outperform" rating on shares of Sun Life Financial in a research report on Friday, May 8th. Scotiabank reiterated a "sector perform" rating on shares of Sun Life Financial in a report on Wednesday. TD Cowen reissued a "buy" rating on shares of Sun Life Financial in a research report on Thursday, May 7th. Finally, Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Sun Life Financial in a research note on Friday, May 8th. One research 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 given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $84.67.

About Sun Life Financial

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.

Want to see what other hedge funds are holding SLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.