Short Interest in Sun Life Financial Inc (NYSE:SLF) Decreases By 22.0%

Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) was the target of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 1,638,900 shares, a decline of 22.0% from the July 31st total of 2,101,000 shares. Based on an average trading volume of 552,600 shares, the short-interest ratio is currently 3.0 days. Currently, 0.3% of the company’s shares are short sold.

NYSE SLF traded up $0.15 during trading on Wednesday, hitting $43.42. The stock had a trading volume of 485,600 shares, compared to its average volume of 520,683. The company has a market capitalization of $25.45 billion, a PE ratio of 11.58 and a beta of 0.90. The firm has a 50 day moving average price of $40.70 and a 200 day moving average price of $40.14. Sun Life Financial has a twelve month low of $31.49 and a twelve month high of $43.48.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.30. The company had revenue of $7.59 billion for the quarter, compared to analyst estimates of $6.93 billion. Sun Life Financial had a net margin of 6.83% and a return on equity of 13.37%. During the same period in the prior year, the firm earned $1.20 earnings per share. On average, equities research analysts forecast that Sun Life Financial will post 3.81 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Wednesday, August 28th will be issued a $0.401 dividend. The ex-dividend date is Tuesday, August 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.69%. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.38. Sun Life Financial’s payout ratio is 42.40%.

A number of equities analysts recently weighed in on SLF shares. Argus increased their price objective on shares of Sun Life Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Evercore ISI reiterated an “outperform” rating on shares of Sun Life Financial in a report on Monday, July 22nd. Barclays reissued a “hold” rating on shares of Sun Life Financial in a research report on Monday, August 26th. Zacks Investment Research upgraded Sun Life Financial from a “sell” rating to a “hold” rating and set a $45.00 price target on the stock in a research note on Thursday, July 4th. Finally, ValuEngine cut Sun Life Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $51.50.

Several hedge funds have recently made changes to their positions in SLF. Financial Engines Advisors L.L.C. grew its stake in shares of Sun Life Financial by 1.9% in the first quarter. Financial Engines Advisors L.L.C. now owns 22,893 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 435 shares in the last quarter. Parallel Advisors LLC grew its stake in Sun Life Financial by 113.1% during the 2nd quarter. Parallel Advisors LLC now owns 827 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 439 shares in the last quarter. Glen Harbor Capital Management LLC grew its stake in Sun Life Financial by 11.5% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 4,336 shares of the financial services provider’s stock worth $172,000 after purchasing an additional 448 shares in the last quarter. OLD National Bancorp IN grew its stake in Sun Life Financial by 6.8% during the 2nd quarter. OLD National Bancorp IN now owns 7,260 shares of the financial services provider’s stock worth $301,000 after purchasing an additional 462 shares in the last quarter. Finally, Cornerstone Advisors Inc. grew its stake in Sun Life Financial by 40.6% during the 1st quarter. Cornerstone Advisors Inc. now owns 1,647 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 476 shares in the last quarter. Hedge funds and other institutional investors own 44.92% of the company’s stock.

About Sun Life Financial

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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