Citigroup Inc. Sells 13,216 Shares of Sun Life Financial Inc. $SLF

Key Points

• Citigroup Inc. has reduced its stake in Sun Life Financial by 7.9% during the first quarter, now owning 154,099 shares worth approximately $8.8 million.
• Sun Life Financial's recent quarterly earnings showed an EPS of $1.29, meeting analysts' expectations, but revenues fell short at $6.65 billion against a projected $7.34 billion.
• The company announced an increase in its quarterly dividend to $0.6394 per share, reflecting a 4.4% yield on an annualized basis, with the payout ratio currently at 63.12%.

Citigroup Inc. lessened its holdings in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 7.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 154,099 shares of the financial services provider's stock after selling 13,216 shares during the quarter. Citigroup Inc.'s holdings in Sun Life Financial were worth $8,818,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV raised its position in Sun Life Financial by 164.5% in the 1st 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 period. Hexagon Capital Partners LLC raised its position 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 worth $38,000 after purchasing an additional 231 shares during the period. Financial Gravity Asset Management Inc. purchased a new position in Sun Life Financial in the 1st quarter worth $55,000. GeoWealth Management LLC raised its position 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 purchasing an additional 978 shares during the period. Finally, CX Institutional bought a new stake in Sun Life Financial in the 1st quarter worth $109,000. Hedge funds and other institutional investors own 52.26% of the company's stock.

Sun Life Financial Stock Up 0.3%

Shares of SLF traded up $0.2020 during trading hours on Wednesday, reaching $58.5620. 113,574 shares of the company traded hands, compared to its average volume of 690,794. The company's fifty day moving average price is $62.32 and its two-hundred day moving average price is $59.79. The company has a market capitalization of $32.98 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 1.56 and a beta of 0.90. Sun Life Financial Inc. has a 12 month low of $52.43 and a 12 month high of $66.81.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its earnings results on Thursday, August 7th. The financial services provider reported $1.29 earnings per share for the quarter, meeting analysts' consensus estimates of $1.29. The firm had revenue of $6.65 billion for 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 firm posted $1.11 EPS. On average, analysts expect 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. Investors of record on Wednesday, August 27th will be paid a dividend of $0.6394 per share. 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. This represents a $2.56 annualized dividend and a yield of 4.4%. Sun Life Financial's payout ratio is presently 63.12%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barclays lowered shares of 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 report on Monday, May 12th. National Bank Financial lowered shares of Sun Life Financial from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Royal Bank Of Canada raised their price target on shares of Sun Life Financial from $82.00 to $88.00 and gave the stock an "outperform" rating in a report on Monday, May 12th. Finally, Scotiabank raised shares of Sun Life Financial to a "hold" rating in a report on Thursday, July 31st. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $88.00.

Sun Life Financial Company Profile

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.