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

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) was the recipient of a significant drop in short interest in March. As of March 15th, there was short interest totalling 5,440,000 shares, a drop of 66.8% from the February 28th total of 16,380,000 shares. Based on an average daily trading volume, of 692,700 shares, the short-interest ratio is presently 7.9 days. Approximately 1.0% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several research firms have issued reports on SLF. National Bank Financial raised Sun Life Financial from a “sector perform” rating to an “outperform” rating in a report on Wednesday, January 15th. Cormark raised Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research report on Thursday, February 13th. Finally, StockNews.com downgraded Sun Life Financial from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Human Investing LLC purchased a new position in shares of Sun Life Financial during the 4th quarter valued at $26,000. Asset Planning Inc purchased a new position in Sun Life Financial in the fourth quarter valued at about $40,000. BankPlus Trust Department acquired a new position in Sun Life Financial in the 4th quarter worth about $40,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Sun Life Financial during the 4th quarter worth about $45,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Sun Life Financial during the 3rd quarter valued at about $51,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Sun Life Financial Price Performance

SLF stock opened at $57.16 on Thursday. The firm has a market capitalization of $35.73 billion, a P/E ratio of 14.88, a P/E/G ratio of 1.52 and a beta of 1.04. Sun Life Financial has a 52-week low of $46.41 and a 52-week high of $62.85. The company’s 50 day simple moving average is $56.77 and its 200-day simple moving average is $57.93.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, February 12th. The financial services provider reported $1.20 earnings per share (EPS) 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%. Sell-side analysts predict that Sun Life Financial will post 5.19 EPS for the current fiscal year.

Sun Life Financial Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Wednesday, February 26th will be issued a dividend of $0.5876 per share. This represents a $2.35 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Wednesday, February 26th. Sun Life Financial’s dividend payout ratio is currently 60.16%.

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.