Sun Life Financial Inc. $SLF Shares Purchased by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. lifted its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 0.6% during the third quarter, HoldingsChannel reports. The firm owned 1,176,271 shares of the financial services provider’s stock after purchasing an additional 7,497 shares during the period. Sun Life Financial accounts for about 2.1% of Cardinal Capital Management Inc.’s holdings, making the stock its 18th largest position. Cardinal Capital Management Inc.’s holdings in Sun Life Financial were worth $91,916,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Bank of Nova Scotia bought a new stake in Sun Life Financial during the 2nd quarter valued at about $544,052,000. The Manufacturers Life Insurance Company bought a new position in Sun Life Financial in the 2nd quarter worth about $293,050,000. Canada Pension Plan Investment Board bought a new position in Sun Life Financial in the 2nd quarter worth about $292,980,000. Legal & General Group Plc bought a new position in Sun Life Financial in the 2nd quarter worth about $280,312,000. Finally, Wellington Management Group LLP purchased a new position in shares of Sun Life Financial during the second quarter worth approximately $220,567,000. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Price Performance

Shares of Sun Life Financial stock opened at $79.40 on Friday. Sun Life Financial Inc. has a 1 year low of $57.22 and a 1 year high of $84.38. The firm’s 50-day moving average is $79.40 and its two-hundred day moving average is $76.22. The stock has a market cap of $44.15 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 1.95 and a beta of 0.89.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings data on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07. The company had revenue of $10.10 billion during the quarter, compared to the consensus estimate of $994.33 million. Sun Life Financial had a net margin of 7.66% and a return on equity of 17.96%. On average, equities analysts expect that Sun Life Financial Inc. will post 5.77 earnings per share for the current year.

Sun Life Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Wednesday, August 26th were issued a C$0.96 dividend. The ex-dividend date was Wednesday, August 26th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.8%. Sun Life Financial’s dividend payout ratio (DPR) is currently 64.02%.

Analyst Upgrades and Downgrades

SLF has been the subject of several research analyst reports. UBS Group reaffirmed a “neutral” rating on shares of Sun Life Financial in a research note on Wednesday, September 2nd. Barclays reiterated an “underweight” rating on shares of Sun Life Financial in a report on Wednesday, October 7th. Royal Bank Of Canada increased their price objective on Sun Life Financial from $98.00 to $119.00 and gave the stock a “sector perform” rating in a research note on Monday, August 10th. Argus raised their price objective on Sun Life Financial from $81.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Sun Life Financial in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $103.50.

About Sun Life Financial

Sun Life Financial Inc is a Canadian financial services company that provides insurance, wealth, and asset management products to individuals, businesses, and institutions. The company serves clients through operations in Canada, the United States, and several markets in Asia.

Its insurance offerings include life, health, dental, disability, long-term care, and critical illness coverage, as well as annuities and employee benefits. Sun Life also provides retirement savings and investment products, including mutual funds and other wealth solutions for individuals and workplace plan members.

Through its asset management businesses, Sun Life manages investments for institutional and retail clients across a range of asset classes.