Sun Life Financial Inc. (NYSE:SLF) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in Sun Life Financial by 6.5%, now owning over 12 million shares worth approximately $692.6 million.
• Sun Life Financial reported earnings of $1.27 per share for the last quarter, surpassing estimates and showing significant revenue growth compared to expectations.
• The company increased its quarterly dividend to $0.6332, yielding 4.06%, reflecting a positive change from its previous dividend amount.

Mackenzie Financial Corp reduced its position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 6.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,102,412 shares of the financial services provider's stock after selling 845,525 shares during the period. Sun Life Financial accounts for about 1.0% of Mackenzie Financial Corp's investment portfolio, making the stock its 20th largest position. Mackenzie Financial Corp owned about 2.13% of Sun Life Financial worth $692,624,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. NorthCrest Asset Manangement LLC boosted its stake in shares of Sun Life Financial by 1.7% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 10,801 shares of the financial services provider's stock worth $618,000 after purchasing an additional 180 shares during the last quarter. HighPoint Advisor Group LLC boosted its stake in shares of Sun Life Financial by 4.4% during the 1st quarter. HighPoint Advisor Group LLC now owns 4,330 shares of the financial services provider's stock worth $256,000 after purchasing an additional 181 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Sun Life Financial by 4.5% during the 4th quarter. Tidal Investments LLC now owns 5,147 shares of the financial services provider's stock worth $305,000 after purchasing an additional 222 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of Sun Life Financial by 53.2% during 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 last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Sun Life Financial by 7.6% during the 1st quarter. Blue Trust Inc. now owns 3,437 shares of the financial services provider's stock worth $197,000 after purchasing an additional 243 shares during the last quarter. 52.26% of the stock is owned by institutional investors and hedge funds.

Sun Life Financial Stock Performance

SLF opened at $62.45 on Monday. The company's 50 day simple moving average is $63.89 and its 200 day simple moving average is $59.65. Sun Life Financial Inc. has a 1 year low of $46.41 and a 1 year high of $66.81. The stock has a market capitalization of $35.17 billion, a PE ratio of 15.89, a P/E/G ratio of 1.67 and a beta of 0.91.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $7.91 billion for the quarter, compared to analysts' expectations of $6.44 billion. During the same period last year, the company earned $1.40 earnings per share. As a group, sell-side 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 firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Wednesday, May 28th were issued a $0.6332 dividend. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.59. The ex-dividend date was Wednesday, May 28th. This represents a $2.53 annualized dividend and a yield of 4.06%. Sun Life Financial's dividend payout ratio (DPR) is presently 64.89%.

Wall Street Analyst Weigh In

Several research firms have issued reports on SLF. BMO Capital Markets reaffirmed an "outperform" rating on shares of Sun Life Financial in a research note on Monday, May 12th. 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 research note on Monday, May 12th. Barclays cut shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research report on Monday, July 7th. Finally, Scotiabank reissued an "outperform" rating on shares of Sun Life Financial in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average 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.

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