Cardinal Capital Management Inc. Boosts Holdings in Sun Life Financial Inc. (NYSE:SLF)

Cardinal Capital Management Inc. increased its position in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 0.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,129,139 shares of the financial services provider’s stock after purchasing an additional 5,785 shares during the quarter. Sun Life Financial makes up approximately 2.2% of Cardinal Capital Management Inc.’s investment portfolio, making the stock its 20th largest position. Cardinal Capital Management Inc.’s holdings in Sun Life Financial were worth $64,651,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Human Investing LLC purchased a new position in shares of Sun Life Financial during the 4th quarter worth $26,000. Asset Planning Inc purchased a new stake in Sun Life Financial during the 4th quarter worth approximately $40,000. BankPlus Trust Department acquired a new stake in shares of Sun Life Financial in the fourth quarter valued at $40,000. GeoWealth Management LLC boosted its stake in shares of Sun Life Financial by 4,657.1% in the 4th 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 during the period. Finally, JFS Wealth Advisors LLC grew its holdings in 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 acquiring an additional 838 shares in the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SLF. Royal Bank of Canada raised their target price on Sun Life Financial from $82.00 to $88.00 and gave the stock an “outperform” rating in a research report on Monday, May 12th. Cormark raised Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research note on Thursday, February 13th. Scotiabank reiterated an “outperform” rating on shares of Sun Life Financial in a report on Thursday, May 1st. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Sun Life Financial in a research report on Monday, May 12th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Sun Life Financial Stock Performance

Shares of SLF stock opened at $65.06 on Tuesday. The stock has a market capitalization of $36.67 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 1.52 and a beta of 0.92. The company’s 50-day simple moving average is $60.10 and its 200-day simple moving average is $58.78. Sun Life Financial Inc. has a one year low of $46.41 and a one year high of $65.56.

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, topping the consensus estimate of $1.22 by $0.05. The business had revenue of $7.91 billion for the quarter, compared to the consensus estimate of $6.44 billion. Sun Life Financial had a return on equity of 16.86% and a net margin of 8.08%. During the same quarter last year, the business posted $1.40 EPS. As a group, research analysts forecast that Sun Life Financial Inc. will post 5.19 EPS for the current year.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Wednesday, May 28th will be given a $0.6332 dividend. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.59. This represents a $2.53 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Wednesday, May 28th. Sun Life Financial’s dividend payout ratio (DPR) is currently 64.89%.

Sun Life Financial Company 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.