Intact Investment Management Inc. Sells 602,210 Shares of Sun Life Financial Inc. (NYSE:SLF)

Intact Investment Management Inc. lessened its position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 31.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,308,817 shares of the financial services provider's stock after selling 602,210 shares during the quarter. Sun Life Financial comprises 2.6% of Intact Investment Management Inc.'s investment portfolio, making the stock its 6th biggest holding. Intact Investment Management Inc. owned about 0.23% of Sun Life Financial worth $74,917,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BankPlus Trust Department acquired a new position in Sun Life Financial during the fourth quarter worth about $40,000. GeoWealth Management LLC lifted its position in shares of 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 acquiring an additional 978 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in Sun Life Financial in the 4th quarter valued at about $95,000. CX Institutional acquired a new position in shares of Sun Life Financial in the first quarter valued at approximately $109,000. Finally, Blue Trust Inc. raised its holdings in Sun Life Financial by 7.6% in the 1st quarter. Blue Trust Inc. now owns 3,437 shares of the financial services provider's stock valued at $197,000 after acquiring an additional 243 shares during the last quarter. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Sun Life Financial Trading Up 0.5%

SLF traded up $0.30 during trading hours on Tuesday, hitting $65.12. The company's stock had a trading volume of 402,425 shares, compared to its average volume of 621,586. Sun Life Financial Inc. has a fifty-two week low of $46.41 and a fifty-two week high of $65.56. The firm has a market capitalization of $36.70 billion, a PE ratio of 16.57, a PEG ratio of 1.76 and a beta of 0.92. The company has a 50-day simple moving average of $61.97 and a 200 day simple moving average of $58.98.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.05. The company had revenue of $7.91 billion for the quarter, compared to the consensus estimate of $6.44 billion. Sun Life Financial had a net margin of 7.47% and a return on equity of 17.33%. During the same period in the previous year, the business earned $1.40 EPS. Research analysts expect that Sun Life Financial Inc. will post 5.19 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Wednesday, May 28th will be paid a $0.6332 dividend. This is a boost from Sun Life Financial's previous quarterly dividend of $0.59. The ex-dividend date is Wednesday, May 28th. This represents a $2.53 annualized dividend and a dividend yield of 3.89%. Sun Life Financial's payout ratio is presently 64.89%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Scotiabank reiterated an "outperform" rating on shares of Sun Life Financial in a report on Thursday, May 1st. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research note on Monday, May 12th. Finally, Royal Bank Of Canada raised their target price on Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, May 12th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.00.

Sun Life Financial 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.