Lorne Steinberg Wealth Management Inc. Increases Stake in Sun Life Financial Inc. (NYSE:SLF)

Lorne Steinberg Wealth Management Inc. increased its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 0.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 115,925 shares of the financial services provider’s stock after buying an additional 985 shares during the period. Sun Life Financial accounts for approximately 1.9% of Lorne Steinberg Wealth Management Inc.’s portfolio, making the stock its 21st largest position. Lorne Steinberg Wealth Management Inc.’s holdings in Sun Life Financial were worth $6,641,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Human Investing LLC acquired a new position in shares of Sun Life Financial in the 4th quarter valued at $26,000. BankPlus Trust Department acquired a new position in Sun Life Financial in the fourth quarter valued at $40,000. GeoWealth Management LLC grew its position in Sun Life Financial by 4,657.1% during the fourth quarter. GeoWealth Management LLC now owns 999 shares of the financial services provider’s stock valued at $59,000 after acquiring an additional 978 shares during the period. JFS Wealth Advisors LLC grew its position in Sun Life Financial by 432.0% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,032 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 838 shares during the period. Finally, Union Bancaire Privee UBP SA acquired a new stake in Sun Life Financial during the fourth quarter worth about $95,000. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Sun Life Financial Price Performance

Shares of SLF opened at $64.23 on Monday. Sun Life Financial Inc. has a 12 month low of $46.41 and a 12 month high of $65.56. The stock’s 50-day moving average is $60.87 and its two-hundred day moving average is $58.88. The stock has a market cap of $36.20 billion, a PE ratio of 16.73, a P/E/G ratio of 1.52 and a beta of 0.92.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its quarterly earnings results on Thursday, May 8th. The financial services provider reported $1.27 EPS for the quarter, topping the consensus estimate of $1.22 by $0.05. The firm 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 16.86% and a net margin of 8.08%. During the same period in the previous year, the company posted $1.40 EPS. On average, research analysts anticipate that Sun Life Financial Inc. will post 5.19 earnings per share for the current year.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Wednesday, May 28th will be issued a dividend of $0.6332 per share. This represents a $2.53 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Wednesday, May 28th. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s dividend payout ratio (DPR) is currently 64.89%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SLF shares. Scotiabank reaffirmed an “outperform” rating on shares of Sun Life Financial in a research note on Thursday, May 1st. BMO Capital Markets reaffirmed 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 objective on shares of Sun Life Financial from $82.00 to $88.00 and gave the stock an “outperform” rating in a research note on Monday, May 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.00.

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.