Cardinal Capital Management Inc. Sells 1,062,650 Shares of Sun Life Financial Inc. $SLF

Cardinal Capital Management Inc. cut its stake in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 47.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,168,774 shares of the financial services provider’s stock after selling 1,062,650 shares during the period. Sun Life Financial accounts for about 2.2% of Cardinal Capital Management Inc.’s portfolio, making the stock its 19th biggest position. Cardinal Capital Management Inc.’s holdings in Sun Life Financial were worth $91,582,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. PensionDanmark Pensionsforsikringsaktieselskab increased its position in shares of Sun Life Financial by 22.5% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 160,789 shares of the financial services provider’s stock valued at $12,619,000 after purchasing an additional 29,490 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Sun Life Financial by 3.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 25,609 shares of the financial services provider’s stock valued at $2,010,000 after buying an additional 843 shares during the period. Vigilare Wealth Management bought a new stake in Sun Life Financial in the second quarter worth $202,000. Versant Capital Management Inc boosted its stake in Sun Life Financial by 15.8% during the second quarter. Versant Capital Management Inc now owns 4,807 shares of the financial services provider’s stock worth $377,000 after buying an additional 656 shares during the period. Finally, Rathbones Group PLC boosted its stake in Sun Life Financial by 1.8% during the first quarter. Rathbones Group PLC now owns 12,950 shares of the financial services provider’s stock worth $809,000 after buying an additional 235 shares during the period. Hedge funds and other institutional investors own 52.26% of the company’s stock.

Sun Life Financial Stock Down 2.4%

SLF stock opened at $80.64 on Wednesday. Sun Life Financial Inc. has a twelve month low of $57.22 and a twelve month high of $84.38. The firm has a market cap of $44.95 billion, a price-to-earnings ratio of 18.85 and a beta of 0.88. The business’s fifty day simple moving average is $79.27 and its two-hundred day simple moving average is $71.28.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Thursday, August 6th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07. The firm had revenue of $10.10 billion during the quarter, compared to analyst estimates of $994.33 million. Sun Life Financial had a net margin of 7.66% and a return on equity of 17.99%. Research analysts expect that Sun Life Financial Inc. will post 5.72 EPS for the current year.

Sun Life Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Wednesday, August 26th will be given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Wednesday, August 26th. Sun Life Financial’s payout ratio is 66.12%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays reissued an “underweight” rating on shares of Sun Life Financial in a research note on Friday. BMO Capital Markets reiterated an “outperform” rating on shares of Sun Life Financial in a report on Friday, May 8th. Evercore lowered shares of Sun Life Financial from an “outperform” rating to an “in-line” rating in a research report on Monday, July 13th. Wall Street Zen raised shares of Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 26th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Sun Life Financial in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $96.33.

Sun Life Financial Company Profile

Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.

Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.