Sun Life Financial Inc. (NYSE:SLF) Sees Large Increase in Short Interest

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) was the recipient of a large increase in short interest in February. As of February 15th, there was short interest totalling 12,100,000 shares, an increase of 395.9% from the January 31st total of 2,440,000 shares. Currently, 2.1% of the company’s shares are sold short. Based on an average daily volume of 765,100 shares, the days-to-cover ratio is currently 15.8 days.

Wall Street Analyst Weigh In

SLF has been the subject of a number of analyst reports. Cormark raised shares of Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research report on Thursday, February 13th. National Bank Financial raised Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, January 15th. Finally, StockNews.com downgraded shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Sun Life Financial has a consensus rating of “Moderate Buy”.

Institutional Investors Weigh In On Sun Life Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its stake in Sun Life Financial by 7.6% in 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 buying an additional 654,404 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Sun Life Financial by 1.2% during the third quarter. JPMorgan Chase & Co. now owns 2,841,712 shares of the financial services provider’s stock valued at $164,876,000 after acquiring an additional 34,072 shares during the period. CIBC Asset Management Inc grew its position in shares of Sun Life Financial by 10.8% in the fourth quarter. CIBC Asset Management Inc now owns 7,192,059 shares of the financial services provider’s stock valued at $427,712,000 after purchasing an additional 703,391 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Sun Life Financial in the third quarter worth about $878,000. Finally, FMR LLC lifted its position in shares of Sun Life Financial by 5.2% during the 3rd quarter. FMR LLC now owns 5,189,939 shares of the financial services provider’s stock worth $301,047,000 after purchasing an additional 257,178 shares during the last quarter. Institutional investors and hedge funds own 52.26% of the company’s stock.

Sun Life Financial Trading Up 0.3 %

Shares of NYSE SLF traded up $0.18 during midday trading on Thursday, reaching $54.73. The company’s stock had a trading volume of 542,335 shares, compared to its average volume of 813,417. Sun Life Financial has a one year low of $46.41 and a one year high of $62.85. The company has a market cap of $31.35 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. The company has a 50 day moving average price of $57.97 and a 200 day moving average price of $57.58.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last released its earnings results on Wednesday, February 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.30. Sun Life Financial had a net margin of 8.08% and a return on equity of 16.86%. Research analysts anticipate that Sun Life Financial will post 5.19 earnings per share for the current fiscal year.

Sun Life Financial Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Wednesday, February 26th will be paid a $0.5876 dividend. The ex-dividend date is Wednesday, February 26th. This represents a $2.35 annualized dividend and a dividend yield of 4.29%. Sun Life Financial’s payout ratio is 60.16%.

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.