Avanza Fonder AB Lowers Stock Holdings in Sun Life Financial Inc. (NYSE:SLF)

Avanza Fonder AB trimmed its position in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 22.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,616 shares of the financial services provider’s stock after selling 9,500 shares during the period. Avanza Fonder AB’s holdings in Sun Life Financial were worth $1,868,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Human Investing LLC purchased a new stake in Sun Life Financial in the 4th quarter valued at approximately $26,000. Asset Planning Inc purchased a new stake in shares of Sun Life Financial in the fourth quarter valued at approximately $40,000. BankPlus Trust Department purchased a new stake in shares of Sun Life Financial in the fourth quarter valued at approximately $40,000. GeoWealth Management LLC boosted its stake in shares of Sun Life Financial by 4,657.1% in the fourth quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider’s stock valued at $59,000 after buying an additional 978 shares in the last quarter. Finally, JFS Wealth Advisors LLC boosted its position in shares of Sun Life Financial by 432.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,032 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 838 shares in the last quarter. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Scotiabank restated an “outperform” rating on shares of Sun Life Financial in a research report on Thursday, May 1st. BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a research note on Monday, May 12th. Royal Bank of Canada boosted their price target on Sun Life Financial from $82.00 to $88.00 and gave the stock an “outperform” rating in a research note on Monday, May 12th. Finally, Cormark upgraded Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Sun Life Financial presently has an average rating of “Moderate Buy” and an average target price of $88.00.

Sun Life Financial Price Performance

Shares of NYSE SLF opened at $64.70 on Thursday. Sun Life Financial Inc. has a 12-month low of $46.41 and a 12-month high of $65.56. The firm’s 50-day moving average is $60.43 and its two-hundred day moving average is $58.86. The company has a market capitalization of $36.46 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 1.52 and a beta of 0.92.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its 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. Sun Life Financial had a return on equity of 16.86% and a net margin of 8.08%. The firm had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter in the prior year, the company earned $1.40 EPS. On average, analysts forecast that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Wednesday, May 28th will be given a $0.6332 dividend. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. This represents a $2.53 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Wednesday, May 28th. Sun Life Financial’s dividend payout ratio is currently 64.89%.

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.