Connor Clark & Lunn Investment Management Ltd. Sells 226,083 Shares of Sun Life Financial Inc. (NYSE:SLF)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Sun Life Financial Inc. (NYSE:SLF - Free Report) TSE: SLF by 4.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 4,665,564 shares of the financial services provider's stock after selling 226,083 shares during the quarter. Sun Life Financial makes up about 1.3% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 19th largest holding. Connor Clark & Lunn Investment Management Ltd. owned about 0.74% of Sun Life Financial worth $270,597,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in Sun Life Financial by 6,244.4% in the 2nd quarter. GAMMA Investing LLC now owns 571 shares of the financial services provider's stock worth $28,000 after buying an additional 562 shares in the last quarter. Assetmark Inc. raised its position in shares of Sun Life Financial by 2,747.4% during the third quarter. Assetmark Inc. now owns 541 shares of the financial services provider's stock valued at $31,000 after buying an additional 522 shares during the last quarter. Addison Advisors LLC boosted its stake in Sun Life Financial by 124.9% during the third quarter. Addison Advisors LLC now owns 650 shares of the financial services provider's stock worth $38,000 after buying an additional 361 shares during the period. Ridgewood Investments LLC bought a new stake in shares of Sun Life Financial in the second quarter valued at about $39,000. Finally, Clean Yield Group bought a new position in Sun Life Financial in the third quarter worth about $39,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Sun Life Financial Trading Up 0.8 %

Shares of SLF stock traded up $0.48 during trading hours on Wednesday, hitting $60.81. 288,010 shares of the company were exchanged, compared to its average volume of 657,761. The business has a 50 day moving average of $57.57 and a two-hundred day moving average of $53.02. Sun Life Financial Inc. has a 52 week low of $46.41 and a 52 week high of $61.61. The company has a market capitalization of $38.32 billion, a PE ratio of 13.44, a PEG ratio of 1.55 and a beta of 1.01.

Sun Life Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.621 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 4.08%. This is a positive change 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 52.34%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SLF. StockNews.com downgraded Sun Life Financial from a "buy" rating to a "hold" rating in a research report on Tuesday. Barclays assumed coverage on Sun Life Financial in a research report on Thursday, September 5th. They set an "equal weight" rating for the company.

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.