Mackenzie Financial Corp Sells 333,568 Shares of Sun Life Financial Inc. (NYSE:SLF)

Mackenzie Financial Corp trimmed its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 2.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,947,937 shares of the financial services provider’s stock after selling 333,568 shares during the quarter. Sun Life Financial makes up about 1.0% of Mackenzie Financial Corp’s portfolio, making the stock its 20th largest holding. Mackenzie Financial Corp owned about 2.06% of Sun Life Financial worth $767,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Private Advisor Group LLC lifted its position in shares of Sun Life Financial by 2.1% during the fourth quarter. Private Advisor Group LLC now owns 8,643 shares of the financial services provider’s stock valued at $513,000 after purchasing an additional 181 shares in the last quarter. Checchi Capital Advisers LLC increased its stake in shares of Sun Life Financial by 5.4% in the fourth quarter. Checchi Capital Advisers LLC now owns 3,719 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 192 shares in the last quarter. Erste Asset Management GmbH increased its stake in shares of Sun Life Financial by 0.7% in the fourth quarter. Erste Asset Management GmbH now owns 28,400 shares of the financial services provider’s stock worth $1,693,000 after purchasing an additional 200 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Sun Life Financial by 4.5% in the fourth quarter. Tidal Investments LLC now owns 5,147 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 222 shares during the period. Finally, 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 worth $2,843,000 after buying an additional 250 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Sun Life Financial Trading Up 0.8%

Shares of NYSE:SLF opened at $63.64 on Friday. Sun Life Financial Inc. has a twelve month low of $46.41 and a twelve month high of $63.93. The company’s 50 day moving average is $58.48 and its 200 day moving average is $58.47. The company has a market cap of $35.94 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 1.52 and a beta of 0.90.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.05. The firm had revenue of $7.91 billion for the quarter, compared to analysts’ expectations of $6.44 billion. Sun Life Financial had a net margin of 8.08% and a return on equity of 16.86%. During the same quarter last year, the company earned $1.40 EPS. Equities research analysts predict that Sun Life Financial Inc. will post 5.19 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Wednesday, May 28th will be paid a dividend of $0.6332 per share. This represents a $2.53 dividend on an annualized basis and a dividend yield of 3.98%. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.59. The ex-dividend date is Wednesday, May 28th. Sun Life Financial’s dividend payout ratio is presently 62.09%.

Wall Street Analysts Forecast Growth

SLF has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Sun Life Financial from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Sun Life Financial in a report on Monday, May 12th. Royal Bank of Canada raised their price target on shares of Sun Life Financial from $82.00 to $88.00 and gave the company an “outperform” rating in a report on Monday, May 12th. Scotiabank reiterated an “outperform” rating on shares of Sun Life Financial in a research note on Thursday, May 1st. Finally, Cormark upgraded shares of Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $88.00.

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.