Sun Life Financial Inc. (NYSE:SLF) Shares Purchased by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC increased its stake in shares of Sun Life Financial Inc. (NYSE:SLF – Get Rating) (TSE:SLF) by 58.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,180 shares of the financial services provider’s stock after purchasing an additional 34,476 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Sun Life Financial were worth $3,705,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. PDT Partners LLC purchased a new stake in shares of Sun Life Financial in the 3rd quarter valued at about $1,342,000. HBK Sorce Advisory LLC purchased a new stake in shares of Sun Life Financial in the 3rd quarter valued at about $716,000. Canada Pension Plan Investment Board lifted its holdings in shares of Sun Life Financial by 60.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 2,054,565 shares of the financial services provider’s stock valued at $82,135,000 after purchasing an additional 770,965 shares during the last quarter. AXA S.A. lifted its holdings in shares of Sun Life Financial by 138.4% in the 3rd quarter. AXA S.A. now owns 470,660 shares of the financial services provider’s stock valued at $18,714,000 after purchasing an additional 273,259 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Sun Life Financial by 150.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 500,000 shares of the financial services provider’s stock valued at $19,860,000 after purchasing an additional 300,000 shares during the last quarter. 44.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on SLF shares. Royal Bank of Canada boosted their target price on Sun Life Financial from C$75.00 to C$76.00 in a report on Friday, February 10th. Desjardins upped their price objective on Sun Life Financial from C$73.00 to C$75.00 in a research note on Friday, February 10th. TD Securities upped their price objective on Sun Life Financial from C$68.00 to C$71.00 in a research note on Friday, February 10th. Scotiabank upped their price objective on Sun Life Financial from C$71.00 to C$75.00 in a research note on Friday, February 10th. Finally, National Bank Financial upped their price objective on Sun Life Financial from C$69.00 to C$71.00 in a research note on Friday, February 10th.

Sun Life Financial Trading Up 1.2 %

Shares of SLF stock opened at $49.30 on Monday. The company has a market cap of $28.91 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 1.16 and a beta of 1.01. The stock has a 50 day simple moving average of $48.85 and a 200-day simple moving average of $45.73. Sun Life Financial Inc. has a 12-month low of $37.96 and a 12-month high of $56.90.

Sun Life Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 1st will be paid a dividend of $0.541 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.39%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Tuesday, February 28th. Sun Life Financial’s dividend payout ratio is 52.75%.

About Sun Life Financial

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Sun Life Financial, Inc engages in the provision of insurance and asset management solutions to individual and corporate clients. It operates through the following segments: Canada, United States, Asset Management, Asia, and Corporate. The Canada segment offers individual insurance and group benefits and retirement services.