Franklin Resources Inc. Decreases Stake in Sun Life Financial Inc. (NYSE:SLF)

Franklin Resources Inc. decreased its holdings in Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) by 7.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 242,420 shares of the financial services provider’s stock after selling 19,389 shares during the quarter. Franklin Resources Inc.’s holdings in Sun Life Financial were worth $14,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mackenzie Financial Corp lifted its stake in shares of Sun Life Financial by 2.9% in the second quarter. Mackenzie Financial Corp now owns 14,703,533 shares of the financial services provider’s stock valued at $721,042,000 after purchasing an additional 407,913 shares during the period. 1832 Asset Management L.P. increased its holdings in Sun Life Financial by 5.1% in the second quarter. 1832 Asset Management L.P. now owns 10,216,206 shares of the financial services provider’s stock valued at $500,492,000 after buying an additional 499,009 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Sun Life Financial by 7.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 9,256,384 shares of the financial services provider’s stock valued at $537,288,000 after acquiring an additional 654,404 shares during the period. Toronto Dominion Bank boosted its stake in shares of Sun Life Financial by 5.0% during the 2nd quarter. Toronto Dominion Bank now owns 6,975,205 shares of the financial services provider’s stock worth $341,715,000 after acquiring an additional 332,641 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Sun Life Financial by 1.3% in the 3rd quarter. CIBC Asset Management Inc now owns 6,488,668 shares of the financial services provider’s stock worth $377,311,000 after acquiring an additional 81,261 shares during the period. Institutional investors and hedge funds own 52.26% of the company’s stock.

Wall Street Analyst Weigh In

SLF has been the subject of several research reports. Barclays assumed coverage on Sun Life Financial in a report on Thursday, September 5th. They set an “equal weight” rating for the company. StockNews.com downgraded Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th.

Sun Life Financial Price Performance

SLF stock opened at $58.92 on Friday. The company’s 50 day simple moving average is $59.26 and its 200-day simple moving average is $54.55. Sun Life Financial Inc. has a 12 month low of $46.41 and a 12 month high of $62.85. The firm has a market capitalization of $33.92 billion, a PE ratio of 13.12, a P/E/G ratio of 1.55 and a beta of 1.03.

Sun Life Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, November 27th will be issued a dividend of $0.621 per share. This represents a $2.48 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date of this dividend is Wednesday, November 27th. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.59. Sun Life Financial’s dividend payout ratio is 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.