Hsbc Holdings PLC Sells 424,582 Shares of Sun Life Financial Inc. $SLF

Key Points

• Hsbc Holdings PLC decreased its stake in Sun Life Financial Inc. by 20.3%, selling 424,582 shares in the first quarter, now owning approximately 1.67 million shares valued at $95.37 million.
• Sun Life Financial recently reported $1.29 EPS for the quarter, matching analyst expectations, although its revenue fell short with $6.65 billion against estimates of $7.34 billion.
• The company announced a quarterly dividend increase to $0.6394 per share, representing a yield of 4.4%, with the dividend payout ratio currently at 63.12%.

Hsbc Holdings PLC lowered its position in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 20.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,666,645 shares of the financial services provider's stock after selling 424,582 shares during the period. Hsbc Holdings PLC owned approximately 0.29% of Sun Life Financial worth $95,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Investment Management Corp VA ADV lifted its position in shares of Sun Life Financial by 164.5% during the first quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider's stock worth $35,000 after purchasing an additional 385 shares during the last quarter. Hexagon Capital Partners LLC lifted its holdings in Sun Life Financial by 53.2% during the 1st quarter. Hexagon Capital Partners LLC now owns 665 shares of the financial services provider's stock valued at $38,000 after buying an additional 231 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in Sun Life Financial in the 1st quarter valued at about $55,000. GeoWealth Management LLC grew its stake in Sun Life Financial by 4,657.1% in the 4th quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider's stock worth $59,000 after acquiring an additional 978 shares in the last quarter. Finally, CX Institutional purchased a new position in shares of Sun Life Financial during the first quarter worth approximately $109,000. Institutional investors own 52.26% of the company's stock.

Sun Life Financial Stock Performance

NYSE:SLF opened at $58.5490 on Thursday. Sun Life Financial Inc. has a fifty-two week low of $52.43 and a fifty-two week high of $66.81. The stock has a market capitalization of $32.97 billion, a P/E ratio of 14.49, a P/E/G ratio of 1.56 and a beta of 0.90. The company's 50-day simple moving average is $62.20 and its 200-day simple moving average is $59.78.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its quarterly earnings data on Thursday, August 7th. The financial services provider reported $1.29 EPS for the quarter, hitting the consensus estimate of $1.29. The firm had revenue of $6.65 billion during the quarter, compared to analyst estimates of $7.34 billion. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.21%. During the same quarter in the previous year, the business posted $1.11 EPS. On average, 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 disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Wednesday, August 27th will be issued a dividend of $0.6394 per share. The ex-dividend date is Wednesday, August 27th. This represents a $2.56 annualized dividend and a dividend yield of 4.4%. This is a boost from Sun Life Financial's previous quarterly dividend of $0.63. Sun Life Financial's dividend payout ratio (DPR) is currently 63.12%.

Analyst Upgrades and Downgrades

SLF has been the topic of several research analyst reports. National Bank Financial cut Sun Life Financial from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Barclays downgraded 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 note on Thursday, July 31st. Royal Bank Of Canada raised their target price on shares of Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a research report on Monday, May 12th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Sun Life Financial in a research report on Monday, May 12th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price 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.

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