Motco Sells 9,847 Shares of Sun Life Financial Inc. (NYSE:SLF)

Key Points

• Motco has reduced its stake in Sun Life Financial Inc. by 11.3% during the first quarter, now holding 77,208 shares valued at approximately $4.42 million.
• Many institutional investors have modified their holdings, with notable increases, such as Hexagon Capital Partners raising its position by 53.2% in the same quarter.
• Sun Life Financial reported earnings of $1.27 EPS, surpassing estimates, and increased its quarterly dividend from $0.59 to $0.6332, reflecting a yield of 4.06%.

Motco trimmed its position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 11.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 77,208 shares of the financial services provider's stock after selling 9,847 shares during the quarter. Motco's holdings in Sun Life Financial were worth $4,421,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SLF. Hexagon Capital Partners LLC lifted its holdings in Sun Life Financial by 53.2% in the 1st quarter. Hexagon Capital Partners LLC now owns 665 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 231 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of Sun Life Financial during the first quarter worth approximately $55,000. GeoWealth Management LLC grew its holdings in Sun Life Financial by 4,657.1% in the fourth quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider's stock valued at $59,000 after purchasing an additional 978 shares during the last quarter. CX Institutional purchased a new stake in shares of Sun Life Financial in the first quarter valued at $109,000. Finally, Blue Trust Inc. lifted its position in Sun Life Financial by 7.6% during the first quarter. Blue Trust Inc. now owns 3,437 shares of the financial services provider's stock worth $197,000 after buying an additional 243 shares during the period. Institutional investors and hedge funds own 52.26% of the company's stock.

Sun Life Financial Stock Down 0.8%

Shares of NYSE:SLF traded down $0.50 during trading on Wednesday, hitting $61.54. 176,835 shares of the company were exchanged, compared to its average volume of 681,086. Sun Life Financial Inc. has a 1-year low of $46.41 and a 1-year high of $66.81. The company has a market capitalization of $34.66 billion, a P/E ratio of 15.66, a price-to-earnings-growth ratio of 1.65 and a beta of 0.91. The business's 50 day moving average is $63.83 and its 200-day moving average is $59.70.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.05. Sun Life Financial had a net margin of 7.47% and a return on equity of 17.33%. The company had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter in the prior year, the business posted $1.40 EPS. As a group, sell-side analysts anticipate that Sun Life Financial Inc. will post 5.19 earnings per share for the current year.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Wednesday, May 28th were given a $0.6332 dividend. This represents a $2.53 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend was Wednesday, May 28th. This is a boost from Sun Life Financial's previous quarterly dividend of $0.59. Sun Life Financial's dividend payout ratio (DPR) is presently 64.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Scotiabank reiterated an "outperform" rating on shares of Sun Life Financial in a research note on Thursday, May 1st. Barclays downgraded Sun Life Financial from an "equal weight" rating to an "underweight" rating in a report on Monday, July 7th. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research report on Monday, May 12th. Finally, Royal Bank Of Canada upped their price objective 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" 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.