Short Interest in Sun Life Financial Inc. (NYSE:SLF) Increases By 395.9%

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) saw a significant increase in short interest in the month of 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. Based on an average daily trading volume, of 765,100 shares, the days-to-cover ratio is currently 15.8 days. Currently, 2.1% of the company’s shares are short sold.

Analysts Set New Price Targets

Several research firms have recently weighed in on SLF. 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 shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, January 15th. Finally, StockNews.com cut Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Sun Life Financial Trading Up 1.7 %

SLF stock traded up $0.92 during mid-day trading on Friday, hitting $55.63. The stock had a trading volume of 1,038,999 shares, compared to its average volume of 819,200. The stock has a market capitalization of $31.87 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 1.52 and a beta of 1.03. Sun Life Financial has a 1-year low of $46.41 and a 1-year high of $62.85. The company has a fifty day moving average of $57.83 and a 200 day moving average of $57.62.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating 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%. As a group, sell-side analysts expect that Sun Life Financial will post 5.19 earnings per share for the current fiscal year.

Sun Life Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Wednesday, February 26th will be issued a dividend of $0.5876 per share. The ex-dividend date of this dividend is Wednesday, February 26th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 4.23%. Sun Life Financial’s dividend payout ratio is currently 60.16%.

Institutional Investors Weigh In On Sun Life Financial

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Sun Life Financial by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 24,233,496 shares of the financial services provider’s stock valued at $1,438,888,000 after buying an additional 197,887 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Sun Life Financial by 2.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 9,454,589 shares of the financial services provider’s stock valued at $562,121,000 after acquiring an additional 198,205 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of 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 acquiring an additional 654,404 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Sun Life Financial by 10.8% in the 4th quarter. CIBC Asset Management Inc now owns 7,192,059 shares of the financial services provider’s stock worth $427,712,000 after purchasing an additional 703,391 shares during the last quarter. Finally, Norges Bank acquired a new position in Sun Life Financial during the fourth quarter valued at approximately $382,176,000. 52.26% of the stock is currently owned by institutional investors.

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.