CIBC Asset Management Inc Raises Stock Holdings in Sun Life Financial Inc. (NYSE:SLF)

CIBC Asset Management Inc increased its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 10.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,192,059 shares of the financial services provider’s stock after acquiring an additional 703,391 shares during the quarter. Sun Life Financial makes up about 1.4% of CIBC Asset Management Inc’s holdings, making the stock its 19th largest position. CIBC Asset Management Inc owned about 1.25% of Sun Life Financial worth $427,712,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SLF. Assenagon Asset Management S.A. grew its stake in Sun Life Financial by 0.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 62,589 shares of the financial services provider’s stock valued at $3,635,000 after purchasing an additional 200 shares during the period. Triasima Portfolio Management inc. grew its stake in Sun Life Financial by 0.5% in the 4th quarter. Triasima Portfolio Management inc. now owns 47,900 shares of the financial services provider’s stock valued at $2,843,000 after purchasing an additional 250 shares during the period. Five Oceans Advisors grew its stake in Sun Life Financial by 8.1% in the 4th quarter. Five Oceans Advisors now owns 3,875 shares of the financial services provider’s stock valued at $230,000 after purchasing an additional 292 shares during the period. State Street Corp grew its stake in Sun Life Financial by 0.8% in the 3rd quarter. State Street Corp now owns 39,478 shares of the financial services provider’s stock valued at $2,291,000 after purchasing an additional 330 shares during the period. Finally, Addison Advisors LLC grew its stake in Sun Life Financial by 124.9% in the 3rd quarter. Addison Advisors LLC now owns 650 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 361 shares during the period. Hedge funds and other institutional investors own 52.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on SLF shares. National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, January 15th. StockNews.com downgraded Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy”.

Sun Life Financial Stock Down 0.2 %

Shares of NYSE SLF opened at $55.17 on Monday. Sun Life Financial Inc. has a 52 week low of $46.41 and a 52 week high of $62.85. The business has a 50-day simple moving average of $58.78 and a two-hundred day simple moving average of $57.23. The company has a market cap of $34.65 billion, a P/E ratio of 12.29, a P/E/G ratio of 1.61 and a beta of 1.03.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Wednesday, February 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $0.90 by $0.30. Sun Life Financial had a return on equity of 17.44% and a net margin of 7.32%. Equities research analysts anticipate that Sun Life Financial Inc. will post 4.76 EPS for the current year.

Sun Life Financial Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Wednesday, February 26th will be paid a $0.5876 dividend. The ex-dividend date of this dividend is Wednesday, February 26th. This represents a $2.35 annualized dividend and a yield of 4.26%. Sun Life Financial’s dividend payout ratio is currently 57.46%.

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.