Cumberland Partners Ltd Acquires 19,370 Shares of Sun Life Financial Inc. (NYSE:SLF)

Cumberland Partners Ltd increased its holdings in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 167.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,916 shares of the financial services provider’s stock after acquiring an additional 19,370 shares during the quarter. Cumberland Partners Ltd’s holdings in Sun Life Financial were worth $1,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. TD Asset Management Inc increased its stake in shares of Sun Life Financial by 2.4% in the 1st quarter. TD Asset Management Inc now owns 16,100,340 shares of the financial services provider’s stock worth $921,330,000 after acquiring an additional 374,682 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Sun Life Financial by 2.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 9,454,589 shares of the financial services provider’s stock valued at $562,121,000 after purchasing an additional 198,205 shares during the last quarter. Geode Capital Management LLC grew its position in Sun Life Financial by 30.6% during the 4th quarter. Geode Capital Management LLC now owns 3,467,275 shares of the financial services provider’s stock valued at $210,080,000 after purchasing an additional 812,689 shares during the last quarter. Scotia Capital Inc. grew its position in Sun Life Financial by 3.3% during the 4th quarter. Scotia Capital Inc. now owns 2,974,065 shares of the financial services provider’s stock valued at $176,273,000 after purchasing an additional 93,992 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its position in Sun Life Financial by 71.9% during the 4th quarter. Canada Pension Plan Investment Board now owns 2,867,939 shares of the financial services provider’s stock valued at $170,068,000 after purchasing an additional 1,200,000 shares during the last quarter. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Stock Down 1.0%

Shares of NYSE SLF opened at $60.38 on Friday. The firm’s 50-day moving average price is $63.68 and its 200-day moving average price is $59.75. The company has a market cap of $34.00 billion, a PE ratio of 15.36, a PEG ratio of 1.63 and a beta of 0.91. Sun Life Financial Inc. has a 52-week low of $46.41 and a 52-week high of $66.81.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced 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 the consensus estimate of $6.44 billion. Sun Life Financial had a net margin of 7.47% and a return on equity of 17.33%. During the same quarter last year, the firm posted $1.40 EPS. As a group, equities research analysts anticipate that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal year.

Sun Life Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Wednesday, May 28th were paid a $0.6332 dividend. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.59. The ex-dividend date was Wednesday, May 28th. This represents a $2.53 annualized dividend and a dividend yield of 4.2%. Sun Life Financial’s dividend payout ratio (DPR) is currently 64.89%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Scotiabank reissued 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 report on Monday, May 12th. Royal Bank Of Canada increased their price objective on shares of Sun Life Financial from $82.00 to $88.00 and gave the company an “outperform” rating in a research report on Monday, May 12th. Finally, Barclays downgraded shares of Sun Life Financial from an “equal weight” rating to an “underweight” rating in a research report on Monday, July 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Sun Life Financial 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.