Todd Asset Management LLC Sells 7,700 Shares of Sun Life Financial Inc. (NYSE:SLF)

Key Points

• Todd Asset Management LLC has decreased its stake in Sun Life Financial Inc. by selling 7,700 shares, reducing its ownership to approximately 0.11%, worth $35.96 million.
• Sun Life Financial recently announced a quarterly dividend increase to $0.6394 per share, representing a 4.5% dividend yield with a payout ratio of 63.12%.
• Wall Street analysts have mixed ratings on Sun Life Financial, with a consensus rating of "Hold" and a price target of $88.00.

Todd Asset Management LLC cut its holdings in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 1.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 628,002 shares of the financial services provider's stock after selling 7,700 shares during the quarter. Todd Asset Management LLC owned 0.11% of Sun Life Financial worth $35,959,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SLF. Investment Management Corp VA ADV lifted 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 valued at $35,000 after acquiring an additional 385 shares in the last quarter. Hexagon Capital Partners LLC lifted 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 valued at $38,000 after acquiring an additional 231 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new position in Sun Life Financial in the 1st quarter valued at approximately $55,000. GeoWealth Management LLC lifted 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 valued at $59,000 after acquiring an additional 978 shares in the last quarter. Finally, CX Institutional purchased a new stake in Sun Life Financial in the first quarter worth approximately $109,000. 52.26% of the stock is owned by institutional investors.

Sun Life Financial Stock Up 1.3%

SLF traded up $0.73 during trading on Tuesday, hitting $57.61. The company's stock had a trading volume of 541,243 shares, compared to its average volume of 831,599. Sun Life Financial Inc. has a one year low of $49.35 and a one year high of $66.81. The firm has a market cap of $32.44 billion, a PE ratio of 14.26, a P/E/G ratio of 1.52 and a beta of 0.90. The business's 50 day simple moving average is $63.00 and its 200-day simple moving average is $59.79.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last released its quarterly earnings results on Thursday, August 7th. The financial services provider reported $1.29 earnings per share for the quarter, hitting the consensus estimate of $1.29. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.21%. The business had revenue of $6.65 billion for the quarter, compared to the consensus estimate of $7.34 billion. During the same period last year, the firm earned $1.11 earnings per share. Equities research analysts expect that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Wednesday, August 27th will be given a $0.6394 dividend. The ex-dividend date is Wednesday, August 27th. This is a boost 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 62.87%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Barclays cut shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a report on Monday, July 7th. National Bank Financial cut 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 target price 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. Scotiabank upgraded shares of Sun Life Financial to a "hold" rating in a report on Thursday, July 31st. Finally, BMO Capital Markets restated an "outperform" rating on shares of Sun Life Financial in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average 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.