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

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 5,180,000 shares, a decline of 55.3% from the August 31st total of 11,600,000 shares. Currently, 0.9% of the shares of the company are sold short. Based on an average trading volume of 593,200 shares, the short-interest ratio is presently 8.7 days.

Sun Life Financial Stock Performance

SLF stock traded up $0.48 during trading on Thursday, reaching $58.10. 367,222 shares of the company were exchanged, compared to its average volume of 696,124. The stock’s 50 day moving average price is $52.58 and its 200 day moving average price is $51.68. Sun Life Financial has a 52-week low of $44.57 and a 52-week high of $58.34. The company has a market cap of $33.68 billion, a P/E ratio of 14.86, a PEG ratio of 1.46 and a beta of 1.00.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its quarterly earnings results on Monday, August 12th. The financial services provider reported $1.25 EPS for the quarter, topping the consensus estimate of $1.18 by $0.07. Sun Life Financial had a return on equity of 17.47% and a net margin of 8.60%. The business had revenue of $6.52 billion for the quarter, compared to analyst estimates of $6.72 billion. As a group, equities research analysts forecast that Sun Life Financial will post 4.86 EPS for the current year.

Sun Life Financial Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Wednesday, August 28th will be given a $0.587 dividend. This represents a $2.35 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Wednesday, August 28th. Sun Life Financial’s dividend payout ratio is currently 59.85%.

Analysts Set New Price Targets

Several equities analysts have issued reports on SLF shares. Barclays began coverage on Sun Life Financial in a research report on Thursday, September 5th. They set an “equal weight” rating on the stock. Argus upgraded Sun Life Financial to a “strong-buy” rating in a research report on Monday, June 3rd.

Institutional Investors Weigh In On Sun Life Financial

Several institutional investors and hedge funds have recently made changes to their positions in SLF. Voisard Asset Management Group Inc. acquired a new position in Sun Life Financial during the fourth quarter worth about $26,000. GAMMA Investing LLC raised its position in shares of Sun Life Financial by 6,244.4% during the 2nd quarter. GAMMA Investing LLC now owns 571 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 562 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in Sun Life Financial in the 2nd quarter valued at approximately $39,000. Fairfield Financial Advisors LTD acquired a new stake in Sun Life Financial during the 2nd quarter valued at $43,000. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new position in Sun Life Financial during the first quarter worth $76,000. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

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.