TD Waterhouse Canada Inc. Sells 338,863 Shares of Sun Life Financial Inc. $SLF

Key Points

• TD Waterhouse Canada reduced its Sun Life Financial stake by 6.2%, selling 338,863 shares and retaining 5.17 million shares valued at approximately $398.3 million. Institutional investors collectively own 52.26% of the company.
• Sun Life shares recently traded up 1.1% to $79.40, while the company’s latest earnings exceeded expectations with adjusted EPS of $1.46 versus the $1.39 consensus estimate.
• Sun Life maintains a quarterly dividend of C$0.96 per share, equivalent to a 4.8% annualized yield. Analysts hold a “Moderate Buy” consensus rating with an average price target of $103.50.

TD Waterhouse Canada Inc. reduced its position in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 6.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,167,172 shares of the financial services provider's stock after selling 338,863 shares during the period. Sun Life Financial makes up about 1.1% of TD Waterhouse Canada Inc.'s portfolio, making the stock its 24th biggest holding. TD Waterhouse Canada Inc. owned approximately 0.93% of Sun Life Financial worth $398,264,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SLF. Mather Group LLC. increased its position in Sun Life Financial by 10.8% during the 3rd quarter. Mather Group LLC. now owns 1,449 shares of the financial services provider's stock worth $113,000 after buying an additional 141 shares during the period. Louisbourg Investments Inc. raised its stake in Sun Life Financial by 3.0% in the 1st quarter. Louisbourg Investments Inc. now owns 5,105 shares of the financial services provider's stock worth $319,000 after purchasing an additional 150 shares in the last quarter. Plan A Wealth LLC raised its stake in Sun Life Financial by 1.6% in the 3rd quarter. Plan A Wealth LLC now owns 10,602 shares of the financial services provider's stock worth $827,000 after purchasing an additional 171 shares in the last quarter. Candriam S.C.A. boosted its holdings in Sun Life Financial by 1.8% in the 1st quarter. Candriam S.C.A. now owns 9,794 shares of the financial services provider's stock valued at $612,000 after purchasing an additional 177 shares during the period. Finally, HB Wealth Management LLC grew its position in shares of Sun Life Financial by 4.7% during the 1st quarter. HB Wealth Management LLC now owns 4,158 shares of the financial services provider's stock worth $260,000 after purchasing an additional 187 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Trading Up 1.1%

Sun Life Financial stock traded up $0.84 during trading hours on Friday, reaching $79.40. 375,470 shares of the stock were exchanged, compared to its average volume of 474,935. Sun Life Financial Inc. has a twelve month low of $57.22 and a twelve month high of $84.38. The company has a market cap of $44.15 billion, a P/E ratio of 18.56, a price-to-earnings-growth ratio of 1.95 and a beta of 0.89. The stock has a 50 day moving average of $79.40 and a two-hundred day moving average of $76.22.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last issued its earnings results on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.39 by $0.07. The company had revenue of $10.10 billion during the quarter, compared to analysts' expectations of $994.33 million. Sun Life Financial had a net margin of 7.66% and a return on equity of 17.96%. On average, analysts expect that Sun Life Financial Inc. will post 5.77 earnings per share for the current fiscal year.

Sun Life Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th were paid a dividend of C$0.96 per share. The ex-dividend date was Wednesday, August 26th. This represents a $3.84 annualized dividend and a yield of 4.8%. Sun Life Financial's dividend payout ratio is presently 64.02%.

Analysts Set New Price Targets

Several research analysts have recently commented on SLF shares. Wall Street Zen raised shares of Sun Life Financial from a "sell" rating to a "hold" rating in a report on Sunday, July 26th. Evercore cut Sun Life Financial from an "outperform" rating to an "in-line" rating in a research note on Monday, July 13th. Weiss Ratings raised Sun Life Financial from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, August 31st. Royal Bank Of Canada raised their price objective on Sun Life Financial from $98.00 to $119.00 and gave the stock a "sector perform" rating in a research note on Monday, August 10th. Finally, Scotiabank reaffirmed a "sector perform" rating on shares of Sun Life Financial in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $103.50.

Sun Life Financial Company Profile

Sun Life Financial Inc is a Canadian financial services company that provides insurance, wealth, and asset management products to individuals, businesses, and institutions. The company serves clients through operations in Canada, the United States, and several markets in Asia.

Its insurance offerings include life, health, dental, disability, long-term care, and critical illness coverage, as well as annuities and employee benefits. Sun Life also provides retirement savings and investment products, including mutual funds and other wealth solutions for individuals and workplace plan members.

Through its asset management businesses, Sun Life manages investments for institutional and retail clients across a range of asset classes.

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