The Manufacturers Life Insurance Company Lowers Stock Position in Sun Life Financial Inc. $SLF

Key Points

• The Manufacturers Life Insurance Company reduced its Sun Life Financial stake by 9.2%, selling 706,303 shares and retaining 6.95 million shares valued at approximately $434.7 million. Institutional investors collectively own 52.26% of the company.
• Sun Life Financial reported quarterly EPS of $1.38, exceeding analyst estimates of $1.35, while revenue reached $6.41 billion. The company also raised its quarterly dividend to $0.96, implying a 4.6% annualized yield.
• Shares traded at $82.95, near the 12-month high, and analysts maintained a consensus “Moderate Buy” rating with an average price target of $84.67.

The Manufacturers Life Insurance Company lessened its holdings in shares of Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 9.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,945,264 shares of the financial services provider's stock after selling 706,303 shares during the period. The Manufacturers Life Insurance Company owned 1.15% of Sun Life Financial worth $434,712,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Cassaday & Co Wealth Management LLC purchased a new position in shares of Sun Life Financial during the first quarter valued at approximately $25,000. Cornerstone Planning Group LLC grew its stake in shares of Sun Life Financial by 68.4% in the 4th quarter. Cornerstone Planning Group LLC now owns 411 shares of the financial services provider's stock worth $26,000 after buying an additional 167 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of Sun Life Financial in the 4th quarter worth approximately $30,000. Sittner & Nelson LLC bought a new position in Sun Life Financial during the 4th quarter valued at approximately $33,000. Finally, Scarborough Advisors LLC purchased a new position in Sun Life Financial during the first quarter valued at $33,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

Sun Life Financial Trading Up 0.8%

SLF opened at $82.95 on Tuesday. The company's 50 day moving average is $77.09 and its 200 day moving average is $69.74. The company has a market cap of $46.23 billion, a price-to-earnings ratio of 21.38 and a beta of 0.88. Sun Life Financial Inc. has a 12-month low of $56.22 and a 12-month high of $83.05.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last announced its earnings results on Wednesday, May 6th. The financial services provider reported $1.38 EPS for the quarter, beating analysts' consensus estimates of $1.35 by $0.03. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. The business had revenue of $6.41 billion during the quarter, compared to analysts' expectations of $925.99 million. During the same period in the prior year, the company earned $1.82 earnings per share. As a group, analysts predict that Sun Life Financial Inc. will post 5.69 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Wednesday, May 27th were paid a $0.96 dividend. This is a positive change from Sun Life Financial's previous quarterly dividend of $0.92. The ex-dividend date was Wednesday, May 27th. This represents a $3.84 annualized dividend and a dividend yield of 4.6%. Sun Life Financial's dividend payout ratio (DPR) is currently 72.94%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SLF shares. Wall Street Zen raised Sun Life Financial from a "sell" rating to a "hold" rating in a research note on Sunday. National Bank Financial upgraded shares of Sun Life Financial from a "sector perform" rating to an "outperform" rating in a report on Friday, April 24th. BMO Capital Markets reissued an "outperform" rating on shares of Sun Life Financial in a research report on Friday, May 8th. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Sun Life Financial in a research report on Friday, May 8th. Finally, Barclays reiterated an "underweight" rating on shares of Sun Life Financial in a research note on Tuesday, July 7th. One 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 given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $84.67.

Sun Life Financial Company Profile

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.

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