Sun Life Financial Inc. (NYSE:SLF) Short Interest Down 54.7% in September

Key Points

• Sun Life Financial Inc. experienced a significant reduction in short interest, dropping by 54.7% in September, with short interest totaling 3,620,000 shares as of September 15th.
• Brokerages displayed mixed sentiments, with upgrades to a "hold" rating from Scotiabank and a "strong-buy" from Argus, while Barclays downgraded the stock to "underweight."
• Sun Life Financial reported $1.29 EPS for the quarter, matching analysts' estimates, but revenue fell short at $6.65 billion against expectations of $7.34 billion.

Sun Life Financial Inc. (NYSE:SLF - Get Free Report) TSE: SLF was the target of a large decrease in short interest in September. As of September 15th, there was short interest totaling 3,620,000 shares, a decrease of 54.7% from the August 31st total of 7,990,000 shares. Currently, 0.6% of the company's stock are sold short. Based on an average daily volume of 685,200 shares, the days-to-cover ratio is currently 5.3 days. Based on an average daily volume of 685,200 shares, the days-to-cover ratio is currently 5.3 days. Currently, 0.6% of the company's stock are sold short.

Wall Street Analyst Weigh In

Several brokerages recently commented on SLF. Scotiabank upgraded shares of Sun Life Financial to a "hold" rating in a research report on Thursday, July 31st. Argus upgraded shares of Sun Life Financial to a "strong-buy" rating in a research report on Thursday, September 4th. Barclays lowered shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research note on Monday, July 7th. National Bank Financial lowered shares of Sun Life Financial from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Sun Life Financial in a report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $88.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Benjamin Edwards Inc. grew its position in Sun Life Financial by 3.4% in the 1st quarter. Benjamin Edwards Inc. now owns 5,052 shares of the financial services provider's stock valued at $289,000 after acquiring an additional 167 shares during the last quarter. NorthCrest Asset Manangement LLC raised its stake in shares of Sun Life Financial by 1.7% in the first quarter. NorthCrest Asset Manangement LLC now owns 10,801 shares of the financial services provider's stock worth $618,000 after purchasing an additional 180 shares during the last quarter. HighPoint Advisor Group LLC grew its holdings in Sun Life Financial by 4.4% during the first quarter. HighPoint Advisor Group LLC now owns 4,330 shares of the financial services provider's stock worth $256,000 after acquiring an additional 181 shares during the period. Public Sector Pension Investment Board grew its holdings in Sun Life Financial by 0.4% in the first quarter. Public Sector Pension Investment Board now owns 55,447 shares of the financial services provider's stock valued at $3,173,000 after purchasing an additional 200 shares during the period. Finally, Westside Investment Management Inc. lifted its position in shares of Sun Life Financial by 62.8% in the second quarter. Westside Investment Management Inc. now owns 578 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 223 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors.

Sun Life Financial Price Performance

Shares of SLF traded up $0.16 during midday trading on Friday, hitting $60.30. 457,646 shares of the company traded hands, compared to its average volume of 424,994. The stock has a 50-day moving average of $59.18 and a 200-day moving average of $60.42. Sun Life Financial has a one year low of $52.44 and a one year high of $66.81. The firm has a market cap of $33.80 billion, a P/E ratio of 14.93, a PEG ratio of 1.61 and a beta of 0.90.

Sun Life Financial (NYSE:SLF - Get Free Report) TSE: SLF last issued its quarterly earnings results on Thursday, August 7th. The financial services provider reported $1.29 EPS for the quarter, meeting analysts' consensus estimates of $1.29. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.21%. The business had revenue of $6.65 billion for the quarter, compared to analysts' expectations of $7.34 billion. During the same period last year, the business earned $1.11 earnings per share. Sell-side analysts forecast that Sun Life Financial will post 5.19 EPS for the current fiscal year.

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.

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