Sienna Gestion reduced its stake in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 6.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 167,885 shares of the financial services provider's stock after selling 10,900 shares during the quarter. Sienna Gestion's holdings in Sun Life Financial were worth $9,338,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Investment Management Corp VA ADV lifted its stake in shares of Sun Life Financial by 164.5% in the first quarter. Investment Management Corp VA ADV now owns 619 shares of the financial services provider's stock worth $35,000 after acquiring an additional 385 shares during the period. Hexagon Capital Partners LLC lifted its stake in Sun Life Financial by 53.2% in the first 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 during the period. Financial Gravity Asset Management Inc. acquired a new position in Sun Life Financial in the first quarter valued at approximately $55,000. GeoWealth Management LLC lifted its stake 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 buying an additional 978 shares during the period. Finally, CX Institutional acquired a new position in Sun Life Financial in the first quarter valued at approximately $109,000. 52.26% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several brokerages have issued reports on SLF. Barclays lowered Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research note on Monday, July 7th. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research note on Monday, May 12th. National Bank Financial lowered Sun Life Financial from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Scotiabank raised Sun Life Financial to a "hold" rating in a research note on Thursday, July 31st. Finally, Royal Bank Of Canada boosted their price target 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, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $88.00.
Check Out Our Latest Stock Report on SLF
Sun Life Financial Price Performance
Shares of NYSE:SLF traded up $0.36 during trading on Monday, reaching $58.44. 607,970 shares of the stock were exchanged, compared to its average volume of 695,593. Sun Life Financial Inc. has a 1-year low of $52.19 and a 1-year high of $66.81. The stock has a fifty day moving average of $62.58 and a two-hundred day moving average of $59.79. The firm has a market cap of $32.91 billion, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 1.56 and a beta of 0.90.
Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last issued its earnings results on Thursday, August 7th. The financial services provider reported $1.29 earnings per share for the quarter, hitting analysts' consensus estimates of $1.29. Sun Life Financial had a return on equity of 17.21% and a net margin of 7.59%. The company had revenue of $6.65 billion for the quarter, compared to analyst estimates of $7.34 billion. During the same period in the prior year, the firm earned $1.11 earnings per share. Sell-side analysts forecast that Sun Life Financial Inc. will post 5.19 EPS for the current year.
Sun Life Financial Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Wednesday, August 27th will be given a $0.6394 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Wednesday, August 27th. This is an increase from Sun Life Financial's previous quarterly dividend of $0.63. Sun Life Financial's payout ratio is currently 63.12%.
About Sun Life Financial
(
Free Report)
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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