Sienna Gestion Cuts Stake in Sun Life Financial Inc. (NYSE:SLF)

Key Points

• Sienna Gestion has reduced its stake in Sun Life Financial by 6.1%, selling 10,900 shares, leaving it with a position valued at $9.34 million as of the latest filing.
• Sun Life Financial has reported $1.29 earnings per share, matching analyst expectations, but its revenue of $6.65 billion fell short of the $7.34 billion forecast.
• The company announced an increase in its quarterly dividend to $0.6394, representing a yield of 4.4%, up from the previous dividend of $0.63.

Sienna Gestion decreased its position in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 6.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 167,885 shares of the financial services provider's stock after selling 10,900 shares during the period. Sienna Gestion's holdings in Sun Life Financial were worth $9,338,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Sun Life Financial by 1.5% in the first quarter. Vanguard Group Inc. now owns 24,595,092 shares of the financial services provider's stock valued at $1,407,626,000 after purchasing an additional 361,596 shares during the period. TD Asset Management Inc grew its position in shares of Sun Life Financial by 2.4% in the first quarter. TD Asset Management Inc now owns 16,100,340 shares of the financial services provider's stock valued at $921,330,000 after purchasing an additional 374,682 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Sun Life Financial by 2.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 9,454,589 shares of the financial services provider's stock valued at $562,121,000 after purchasing an additional 198,205 shares during the period. Bank of Nova Scotia grew its position in shares of Sun Life Financial by 4.8% in the first quarter. Bank of Nova Scotia now owns 5,780,001 shares of the financial services provider's stock valued at $330,848,000 after purchasing an additional 266,732 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Sun Life Financial by 7.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,957,785 shares of the financial services provider's stock worth $283,792,000 after acquiring an additional 327,388 shares during the last quarter. Hedge funds and other institutional investors own 52.26% of the company's stock.

Sun Life Financial Stock Up 0.1%

NYSE:SLF traded up $0.07 on Friday, hitting $58.13. The stock had a trading volume of 539,449 shares, compared to its average volume of 959,124. The stock has a market cap of $32.74 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 1.55 and a beta of 0.90. The company has a fifty day moving average price of $62.58 and a two-hundred day moving average price of $59.77. Sun Life Financial Inc. has a 1-year low of $51.56 and a 1-year high of $66.81.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last posted its earnings results on Thursday, August 7th. The financial services provider reported $1.29 earnings per share for the quarter, meeting the consensus estimate of $1.29. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.21%. 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 previous year, the business posted $1.11 EPS. As a group, analysts anticipate that Sun Life Financial Inc. will post 5.19 earnings per share for the current year.

Sun Life Financial Increases Dividend

The business 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 $0.6394 dividend. The ex-dividend date is Wednesday, August 27th. This represents a $2.56 annualized dividend and a dividend yield of 4.4%. This is an increase from Sun Life Financial's previous quarterly dividend of $0.63. Sun Life Financial's dividend payout ratio (DPR) is currently 62.87%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Barclays lowered shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research report on Monday, July 7th. Scotiabank upgraded shares of Sun Life Financial to a "hold" rating in a research report on Thursday, July 31st. National Bank Financial lowered shares of Sun Life Financial from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. BMO Capital Markets restated an "outperform" rating on shares of Sun Life Financial in a research report on Monday, May 12th. Finally, Royal Bank Of Canada boosted their price target on shares of Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, three have issued 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.