PCJ Investment Counsel Ltd. Decreases Position in Sun Life Financial Inc (SLF)

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PCJ Investment Counsel Ltd. decreased its position in shares of Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) by 28.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 398,309 shares of the financial services provider’s stock after selling 154,830 shares during the quarter. Sun Life Financial accounts for approximately 1.3% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its 26th largest holding. PCJ Investment Counsel Ltd.’s holdings in Sun Life Financial were worth $15,307,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Bremer Trust National Association acquired a new position in Sun Life Financial in the fourth quarter valued at approximately $28,000. Enlightenment Research LLC acquired a new position in Sun Life Financial in the fourth quarter valued at approximately $33,000. Arbor Wealth Management LLC acquired a new position in Sun Life Financial in the fourth quarter valued at approximately $33,000. Lindbrook Capital LLC acquired a new position in Sun Life Financial in the fourth quarter valued at approximately $36,000. Finally, Lake Point Wealth Management acquired a new position in Sun Life Financial in the fourth quarter valued at approximately $47,000. 42.07% of the stock is owned by hedge funds and other institutional investors.

Shares of SLF opened at $40.35 on Wednesday. Sun Life Financial Inc has a one year low of $31.49 and a one year high of $43.99. The company has a market cap of $23.99 billion, a P/E ratio of 10.76 and a beta of 0.88.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.29. Sun Life Financial had a return on equity of 13.58% and a net margin of 7.96%. The firm had revenue of $11.39 billion during the quarter, compared to analysts’ expectations of $7.35 billion. During the same period in the previous year, the business earned $1.26 earnings per share. The firm’s revenue for the quarter was up 90.1% on a year-over-year basis. As a group, analysts predict that Sun Life Financial Inc will post 3.74 EPS for the current fiscal year.

SLF has been the subject of a number of recent analyst reports. BMO Capital Markets restated a “buy” rating and issued a $58.00 price objective on shares of Sun Life Financial in a research report on Friday, April 26th. CIBC cut Sun Life Financial from a “neutral” rating to an “underperform” rating and boosted their price objective for the company from $53.00 to $54.00 in a research report on Thursday, March 14th. ValuEngine upgraded Sun Life Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, March 20th. Scotiabank restated a “hold” rating and issued a $54.00 price objective on shares of Sun Life Financial in a research report on Wednesday, February 20th. Finally, Canaccord Genuity restated a “hold” rating on shares of Sun Life Financial in a research report on Tuesday, February 5th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $52.60.

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Sun Life Financial Profile

Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate.

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Institutional Ownership by Quarter for Sun Life Financial (NYSE:SLF)

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