Sienna Gestion Buys 1,571 Shares of Sun Life Financial Inc. (NYSE:SLF)

Sienna Gestion boosted its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 150,985 shares of the financial services provider’s stock after purchasing an additional 1,571 shares during the period. Sienna Gestion’s holdings in Sun Life Financial were worth $7,397,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Voisard Asset Management Group Inc. acquired a new stake in shares of Sun Life Financial during the 4th quarter valued at $26,000. GAMMA Investing LLC grew its holdings in shares of Sun Life Financial by 6,244.4% during the second quarter. GAMMA Investing LLC now owns 571 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 562 shares during the last quarter. Ridgewood Investments LLC acquired a new position in shares of Sun Life Financial in the second quarter valued at approximately $39,000. Fairfield Financial Advisors LTD bought a new position in Sun Life Financial in the 2nd quarter valued at approximately $43,000. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new stake in Sun Life Financial during the 1st quarter worth approximately $76,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on SLF shares. Barclays began coverage on shares of Sun Life Financial in a research report on Thursday, September 5th. They issued an “equal weight” rating for the company. Argus raised Sun Life Financial to a “strong-buy” rating in a research report on Monday, June 3rd.

Sun Life Financial Price Performance

Shares of SLF stock opened at $56.40 on Thursday. Sun Life Financial Inc. has a one year low of $44.57 and a one year high of $56.93. The business’s 50 day simple moving average is $51.92 and its 200 day simple moving average is $51.59. The stock has a market capitalization of $32.70 billion, a PE ratio of 14.42, a PEG ratio of 1.44 and a beta of 1.00.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its earnings results on Monday, August 12th. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The business had revenue of $6.52 billion during the quarter, compared to the consensus estimate of $6.72 billion. Sun Life Financial had a return on equity of 17.47% and a net margin of 8.60%. As a group, research analysts expect that Sun Life Financial Inc. will post 4.86 earnings per share for the current year.

Sun Life Financial Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th will be given a dividend of $0.587 per share. The ex-dividend date is Wednesday, August 28th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 4.16%. Sun Life Financial’s dividend payout ratio (DPR) is presently 59.85%.

About Sun Life Financial

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.