Sun Life Financial Inc. (NYSE:SLF) Short Interest Up 116.8% in August

Key Points

• Sun Life Financial's short interest surged by 116.8% in August, reaching 7,760,000 shares, indicating increasing bearish sentiment among investors.
• Institutional investors have significantly increased their holdings, with Norges Bank investing approximately $362.9 million and Goldman Sachs boosting its position by 282.5%.
• Analysts have varied opinions on SLF, with a consensus rating of Hold and a price target of $88.00, reflecting mixed confidence in the company's future performance.

Sun Life Financial Inc. (NYSE:SLF - Get Free Report) TSE: SLF was the target of a large growth in short interest in August. As of August 15th, there was short interest totaling 7,760,000 shares, agrowthof116.8% from the July 31st total of 3,580,000 shares. Currently,1.4% of the shares of the stock are short sold. Based on an average trading volume of 778,800 shares, the days-to-cover ratio is currently 10.0 days. Based on an average trading volume of 778,800 shares, the days-to-cover ratio is currently 10.0 days. Currently,1.4% of the shares of the stock are short sold.

Institutional Investors Weigh In On Sun Life Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in SLF. Norges Bank acquired a new stake in Sun Life Financial in the 2nd quarter worth about $362,886,000. Goldman Sachs Group Inc. boosted its position in shares of Sun Life Financial by 282.5% in the first quarter. Goldman Sachs Group Inc. now owns 2,776,920 shares of the financial services provider's stock worth $159,006,000 after acquiring an additional 2,050,891 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in Sun Life Financial by 47.2% in the first quarter. Canada Pension Plan Investment Board now owns 4,221,447 shares of the financial services provider's stock valued at $241,643,000 after purchasing an additional 1,353,508 shares during the period. Picton Mahoney Asset Management acquired a new position in Sun Life Financial during the second quarter worth approximately $87,660,000. Finally, Wellington Management Group LLP raised its stake in Sun Life Financial by 2,071.4% during the fourth quarter. Wellington Management Group LLP now owns 1,350,751 shares of the financial services provider's stock worth $80,160,000 after purchasing an additional 1,288,545 shares during the period. Hedge funds and other institutional investors own 52.26% of the company's stock.

Analysts Set New Price Targets

SLF has been the subject of several research analyst reports. Scotiabank raised Sun Life Financial to a "hold" rating in a research note on Thursday, July 31st. Royal Bank Of Canada upped their target price on Sun Life Financial from $82.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, May 12th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Sun Life Financial in a research note on Monday, May 12th. Barclays lowered shares of Sun Life Financial from an "equal weight" rating to an "underweight" rating in a research report on Monday, July 7th. Finally, National Bank Financial downgraded shares of Sun Life Financial from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $88.00.

Sun Life Financial Trading Down 0.4%

Shares of SLF stock opened at $57.78 on Friday. The company has a market capitalization of $32.48 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.55 and a beta of 0.89. The firm has a 50-day moving average price of $60.80 and a 200 day moving average price of $59.83. Sun Life Financial has a twelve month low of $52.44 and a twelve month high of $66.81.

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, hitting analysts' consensus estimates of $1.29. The business had revenue of $6.65 billion during the quarter, compared to the consensus estimate of $7.34 billion. Sun Life Financial had a net margin of 7.59% and a return on equity of 17.21%. During the same period in the previous year, the firm posted $1.11 earnings per share. As a group, research analysts predict that Sun Life Financial will post 5.19 earnings per share for the current 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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