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

Key Points

• Short interest fell 36.4% to 3.94 million shares as of September 15, representing 0.7% of Sun Life’s shares and 5.7 days to cover.
• Sun Life reported quarterly EPS of $1.46, exceeding estimates by $0.07, and pays an annualized dividend of C$3.84 per share for a 4.9% yield.
• Analysts maintain a “Moderate Buy” consensus with a $98.67 price target, while institutional investors own 52.26% of the stock.

Sun Life Financial Inc. (NYSE:SLF - Get Free Report) TSE: SLF was the target of a large decrease in short interest in the month of September. As of September 15th, there was short interest totaling 3,935,950 shares, a decrease of 36.4% from the August 31st total of 6,188,802 shares. Currently, 0.7% of the company's shares are short sold. Based on an average daily volume of 684,978 shares, the days-to-cover ratio is presently 5.7 days.

Sun Life Financial Price Performance

SLF opened at $77.99 on Thursday. Sun Life Financial has a fifty-two week low of $57.22 and a fifty-two week high of $84.38. The firm has a market capitalization of $43.37 billion, a PE ratio of 18.23, a P/E/G ratio of 1.97 and a beta of 0.87. The company's 50-day moving average is $80.53 and its 200 day moving average is $75.05.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last issued its quarterly earnings data on Thursday, August 6th. The financial services provider reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.07. The firm had revenue of $10.10 billion during the quarter, compared to analyst estimates of $994.33 million. Sun Life Financial had a return on equity of 17.96% and a net margin of 7.66%. As a group, analysts expect that Sun Life Financial will post 5.74 EPS for the current year.

Sun Life Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Wednesday, August 26th were issued a dividend of C$0.96 per share. The ex-dividend date was Wednesday, August 26th. This represents a $3.84 annualized dividend and a yield of 4.9%. Sun Life Financial's dividend payout ratio is 64.02%.

Hedge Funds Weigh In On Sun Life Financial

Large investors have recently bought and sold shares of the stock. Cidel Asset Management Inc. grew its stake in shares of Sun Life Financial by 6.9% in the 2nd quarter. Cidel Asset Management Inc. now owns 26,485 shares of the financial services provider's stock worth $2,079,000 after acquiring an additional 1,712 shares in the last quarter. Capital Analysts LLC bought a new position in shares of Sun Life Financial during the second quarter valued at about $58,000. Integrated Wealth Concepts LLC purchased a new position in Sun Life Financial during the second quarter worth about $236,000. NewEdge Advisors LLC grew its position in Sun Life Financial by 2,386.1% in the 2nd quarter. NewEdge Advisors LLC now owns 2,685 shares of the financial services provider's stock worth $211,000 after purchasing an additional 2,577 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Sun Life Financial in the 2nd quarter worth about $791,000. 52.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Argus increased their price objective on shares of Sun Life Financial from $81.00 to $88.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. UBS Group reissued a "neutral" rating on shares of Sun Life Financial in a research report on Wednesday, September 2nd. Royal Bank Of Canada upped their target price on Sun Life Financial from $98.00 to $119.00 and gave the company a "sector perform" rating in a research report on Monday, August 10th. Scotiabank reaffirmed a "sector perform" rating on shares of Sun Life Financial in a research report on Monday, August 10th. Finally, TD Securities reiterated a "buy" rating on shares of Sun Life Financial in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $98.67.

About Sun Life Financial

Sun Life Financial Inc is a Canadian financial services company that provides insurance, wealth, and asset management products to individuals, businesses, and institutions. The company serves clients through operations in Canada, the United States, and several markets in Asia.

Its insurance offerings include life, health, dental, disability, long-term care, and critical illness coverage, as well as annuities and employee benefits. Sun Life also provides retirement savings and investment products, including mutual funds and other wealth solutions for individuals and workplace plan members.

Through its asset management businesses, Sun Life manages investments for institutional and retail clients across a range of asset classes.

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