Principal Financial Group Inc. Sells 700 Shares of Sun Life Financial Inc. (NYSE:SLF)

Principal Financial Group Inc. lowered its stake in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 3.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,633 shares of the financial services provider’s stock after selling 700 shares during the period. Principal Financial Group Inc.’s holdings in Sun Life Financial were worth $1,024,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its stake in Sun Life Financial by 13.9% during the second quarter. The Manufacturers Life Insurance Company now owns 8,601,980 shares of the financial services provider’s stock worth $421,167,000 after buying an additional 1,049,244 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Sun Life Financial by 16.5% during the 2nd quarter. CIBC Asset Management Inc now owns 6,407,407 shares of the financial services provider’s stock worth $313,976,000 after acquiring an additional 905,679 shares in the last quarter. Intact Investment Management Inc. increased its stake in Sun Life Financial by 423.9% in the second quarter. Intact Investment Management Inc. now owns 1,017,964 shares of the financial services provider’s stock valued at $49,909,000 after acquiring an additional 823,670 shares during the last quarter. AGF Management Ltd. raised its position in Sun Life Financial by 46.5% during the second quarter. AGF Management Ltd. now owns 2,513,349 shares of the financial services provider’s stock valued at $135,816,000 after purchasing an additional 797,901 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in Sun Life Financial by 5.1% during the second quarter. 1832 Asset Management L.P. now owns 10,216,206 shares of the financial services provider’s stock worth $500,492,000 after purchasing an additional 499,009 shares during the last quarter. Institutional investors own 52.26% of the company’s stock.

Analyst Ratings Changes

SLF has been the subject of a number of research analyst reports. StockNews.com cut Sun Life Financial from a “buy” rating to a “hold” rating in a report on Tuesday, November 19th. Barclays began coverage on shares of Sun Life Financial in a report on Thursday, September 5th. They issued an “equal weight” rating for the company.

Sun Life Financial Price Performance

Shares of Sun Life Financial stock opened at $61.18 on Friday. The company’s 50 day moving average price is $57.89 and its two-hundred day moving average price is $53.19. The firm has a market capitalization of $35.22 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.58 and a beta of 1.01. Sun Life Financial Inc. has a fifty-two week low of $46.41 and a fifty-two week high of $61.86.

Sun Life Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, November 27th will be issued a dividend of $0.621 per share. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. The ex-dividend date is Wednesday, November 27th. This represents a $2.48 annualized dividend and a dividend yield of 4.06%. Sun Life Financial’s dividend payout ratio (DPR) is 52.34%.

Sun Life Financial Company 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.