Sun Life Financial Inc. (NYSE:SLF) Short Interest Up 35.4% in February

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) saw a significant increase in short interest in February. As of February 28th, there was short interest totalling 16,380,000 shares, an increase of 35.4% from the February 13th total of 12,100,000 shares. Based on an average daily volume of 738,900 shares, the days-to-cover ratio is currently 22.2 days. Approximately 2.9% of the shares of the stock are sold short.

Sun Life Financial Price Performance

Shares of SLF traded down $0.39 during midday trading on Tuesday, hitting $56.12. The stock had a trading volume of 78,173 shares, compared to its average volume of 775,755. Sun Life Financial has a 1 year low of $46.41 and a 1 year high of $62.85. The firm has a market cap of $35.08 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 1.52 and a beta of 1.04. The stock’s 50 day moving average is $56.94 and its 200 day moving average is $57.85.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $1.20 EPS 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%. As a group, equities research analysts expect that Sun Life Financial will post 5.19 earnings per share 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 paid a $0.5876 dividend. This represents a $2.35 annualized dividend and a yield of 4.19%. The ex-dividend date is Wednesday, February 26th. Sun Life Financial’s dividend payout ratio is presently 60.16%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SLF. 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. Cormark raised shares of Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research note on Thursday, February 13th. Finally, StockNews.com downgraded shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Two equities research 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SLF. Human Investing LLC purchased a new position in Sun Life Financial in the 4th quarter worth about $26,000. Assetmark Inc. grew its holdings in Sun Life Financial by 2,747.4% during the 3rd quarter. Assetmark Inc. now owns 541 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 522 shares in the last quarter. Asset Planning Inc bought a new position in Sun Life Financial during the 4th quarter worth about $40,000. BankPlus Trust Department bought a new position in Sun Life Financial during the 4th quarter worth about $40,000. Finally, Dixon Mitchell Investment Counsel Inc. bought a new position in Sun Life Financial during the 4th quarter worth about $45,000. Hedge funds and other institutional investors own 52.26% of the company’s stock.

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.