M&T Bank Corp Reduces Stock Holdings in Sun Life Financial Inc. (NYSE:SLF)

M&T Bank Corp lowered its holdings in shares of Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 3.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,773 shares of the financial services provider’s stock after selling 1,150 shares during the quarter. M&T Bank Corp’s holdings in Sun Life Financial were worth $1,727,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. National Bank of Canada FI increased its holdings in Sun Life Financial by 28.2% during the third quarter. National Bank of Canada FI now owns 5,837,298 shares of the financial services provider’s stock valued at $338,621,000 after buying an additional 1,284,556 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Sun Life Financial by 13.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,601,980 shares of the financial services provider’s stock worth $421,167,000 after purchasing an additional 1,049,244 shares during the period. CIBC Asset Management Inc lifted its position in Sun Life Financial by 16.5% during the second quarter. CIBC Asset Management Inc now owns 6,407,407 shares of the financial services provider’s stock valued at $313,976,000 after purchasing an additional 905,679 shares in the last quarter. Intact Investment Management Inc. increased its position 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 worth $49,909,000 after buying an additional 823,670 shares in the last quarter. Finally, AGF Management Ltd. raised its stake in shares of Sun Life Financial by 46.5% in the second quarter. AGF Management Ltd. now owns 2,513,349 shares of the financial services provider’s stock worth $135,816,000 after buying an additional 797,901 shares during the period. Institutional investors own 52.26% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. 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. StockNews.com downgraded shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th.

Sun Life Financial Stock Down 0.5 %

Shares of Sun Life Financial stock opened at $60.13 on Friday. Sun Life Financial Inc. has a 52 week low of $46.41 and a 52 week high of $62.85. The stock’s 50-day simple moving average is $59.08 and its 200-day simple moving average is $54.25. The company has a market capitalization of $34.62 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 1.56 and a beta of 1.03.

Sun Life Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be paid a $0.621 dividend. This represents a $2.48 annualized dividend and a yield of 4.13%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Wednesday, November 27th. Sun Life Financial’s dividend payout ratio is presently 55.23%.

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.