Assenagon Asset Management S.A. Reduces Stake in Sun Life Financial Inc. (NYSE:SLF)

Assenagon Asset Management S.A. cut its position in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 57.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,582 shares of the financial services provider’s stock after selling 37,514 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Sun Life Financial were worth $1,578,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of SLF. Principal Financial Group Inc. increased its position in shares of Sun Life Financial by 34.0% in the fourth quarter. Principal Financial Group Inc. now owns 23,633 shares of the financial services provider’s stock valued at $1,403,000 after buying an additional 6,000 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Sun Life Financial by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,596,439 shares of the financial services provider’s stock valued at $94,743,000 after acquiring an additional 15,908 shares during the last quarter. Intact Investment Management Inc. increased its holdings in Sun Life Financial by 295.5% during the 4th quarter. Intact Investment Management Inc. now owns 1,911,027 shares of the financial services provider’s stock valued at $113,453,000 after acquiring an additional 1,427,815 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Sun Life Financial by 6.9% in the fourth quarter. Two Sigma Investments LP now owns 1,202,981 shares of the financial services provider’s stock valued at $71,385,000 after purchasing an additional 77,400 shares in the last quarter. Finally, Focus Partners Wealth purchased a new stake in shares of Sun Life Financial in the fourth quarter valued at about $302,000. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Sun Life Financial Stock Performance

Shares of SLF opened at $64.23 on Wednesday. Sun Life Financial Inc. has a 1 year low of $46.41 and a 1 year high of $65.56. The company’s 50 day simple moving average is $61.27 and its 200 day simple moving average is $58.94. The company has a market capitalization of $36.20 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 1.75 and a beta of 0.92.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Thursday, May 8th. The financial services provider reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.05. The company had revenue of $7.91 billion for the quarter, compared to analyst estimates of $6.44 billion. Sun Life Financial had a return on equity of 17.33% and a net margin of 7.47%. During the same quarter in the prior year, the company posted $1.40 EPS. Equities analysts expect that Sun Life Financial Inc. will post 5.19 EPS for the current fiscal 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 dividend of $0.6332 per share. The ex-dividend date of this dividend is Wednesday, May 28th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. This represents a $2.53 annualized dividend and a yield of 3.94%. Sun Life Financial’s dividend payout ratio is 64.89%.

Analyst Upgrades and Downgrades

SLF has been the subject of several research reports. 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 report on Monday, May 12th. Finally, 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 report on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.