CIBC Asset Management Inc Cuts Position in Sun Life Financial Inc. $SLF

CIBC Asset Management Inc trimmed its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 60.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,345,239 shares of the financial services provider’s stock after selling 2,085,878 shares during the quarter. CIBC Asset Management Inc owned 0.24% of Sun Life Financial worth $84,042,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Cornerstone Planning Group LLC raised its holdings 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 purchasing an additional 167 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Sun Life Financial by 184.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 588 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 381 shares during the period. Westside Investment Management Inc. raised its stake in shares of Sun Life Financial by 38.6% in the 3rd quarter. Westside Investment Management Inc. now owns 801 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 223 shares during the period. LOM Asset Management Ltd purchased a new position in shares of Sun Life Financial in the 4th quarter valued at $53,000. Finally, Triumph Capital Management purchased a new position in shares of Sun Life Financial in the 3rd quarter valued at $64,000. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Sun Life Financial Price Performance

Sun Life Financial stock opened at $72.66 on Wednesday. Sun Life Financial Inc. has a 12-month low of $56.22 and a 12-month high of $74.16. The company has a market capitalization of $40.26 billion, a price-to-earnings ratio of 18.73 and a beta of 0.89. The firm’s fifty day moving average price is $68.63 and its 200 day moving average price is $64.69.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $6.41 billion for the quarter, compared to the consensus estimate of $925.99 million. During the same quarter in the previous year, the firm posted $1.82 EPS. Analysts forecast that Sun Life Financial Inc. will post 5.74 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 Tuesday, June 30th. Investors of record on Wednesday, May 27th will be paid a dividend of $0.96 per share. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $3.84 annualized dividend and a yield of 5.3%. Sun Life Financial’s payout ratio is presently 72.94%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Scotiabank reissued a “sector perform” rating on shares of Sun Life Financial in a research note on Wednesday, April 29th. TD Cowen reissued a “buy” rating on shares of Sun Life Financial in a research note on Thursday, May 7th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a research note on Friday, May 8th. TD Securities reiterated a “buy” rating on shares of Sun Life Financial in a report on Thursday, May 7th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Sun Life Financial in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $86.50.

About Sun Life Financial

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.