Sun Life Financial Inc. (NYSE:SLF) Short Interest Update

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 5,440,000 shares, a decline of 66.8% from the February 28th total of 16,380,000 shares. Based on an average daily volume of 692,700 shares, the short-interest ratio is presently 7.9 days. Currently, 1.0% of the shares of the stock are sold short.

Sun Life Financial Stock Down 0.9 %

Shares of SLF stock traded down $0.50 during trading hours on Friday, reaching $56.64. 297,288 shares of the stock traded hands, compared to its average volume of 686,322. Sun Life Financial has a 1-year low of $46.41 and a 1-year high of $62.85. The firm has a market capitalization of $32.33 billion, a PE ratio of 14.75, a PEG ratio of 1.52 and a beta of 1.04. The business has a fifty day moving average price of $56.69 and a 200 day moving average price of $57.94.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its 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 return on equity of 16.86% and a net margin of 8.08%. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Wednesday, February 26th will be issued a $0.5876 dividend. The ex-dividend date is Wednesday, February 26th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 4.15%. Sun Life Financial’s dividend payout ratio is 60.16%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Cormark raised Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research note on Thursday, February 13th. National Bank Financial upgraded shares of Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, January 15th. Finally, StockNews.com downgraded Sun Life Financial from a “buy” rating to a “hold” rating in a research report 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Institutional Trading of Sun Life Financial

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Sun Life Financial by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 24,233,496 shares of the financial services provider’s stock worth $1,438,888,000 after buying an additional 197,887 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Sun Life Financial by 2.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 9,454,589 shares of the financial services provider’s stock valued at $562,121,000 after acquiring an additional 198,205 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Sun Life Financial by 10.8% during the 4th quarter. CIBC Asset Management Inc now owns 7,192,059 shares of the financial services provider’s stock worth $427,712,000 after buying an additional 703,391 shares during the period. Norges Bank acquired a new position in Sun Life Financial in the 4th quarter valued at $382,176,000. Finally, National Bank of Canada FI lifted its position in Sun Life Financial by 28.2% during the 3rd quarter. National Bank of Canada FI now owns 5,837,298 shares of the financial services provider’s stock worth $338,621,000 after acquiring an additional 1,284,556 shares during the last quarter. 52.26% of the stock is currently owned by institutional investors and hedge funds.

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.