Short Interest in Sun Life Financial Inc (NYSE:SLF) Decreases By 22.0%

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Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 1,638,900 shares, a decrease of 22.0% from the July 31st total of 2,101,000 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average daily trading volume, of 552,600 shares, the short-interest ratio is currently 3.0 days.

Sun Life Financial stock traded up $0.26 during midday trading on Friday, reaching $44.08. 462,486 shares of the company traded hands, compared to its average volume of 520,558. The firm has a market capitalization of $26.09 billion, a price-to-earnings ratio of 11.75 and a beta of 0.90. The business has a 50 day moving average of $40.74 and a two-hundred day moving average of $40.18. Sun Life Financial has a 12 month low of $31.49 and a 12 month high of $44.24.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last issued its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $1.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.30. The company had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $6.93 billion. Sun Life Financial had a net margin of 6.83% and a return on equity of 13.37%. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Sell-side analysts forecast that Sun Life Financial will post 3.81 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Wednesday, August 28th will be given a dividend of $0.401 per share. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Tuesday, August 27th. This represents a $1.60 dividend on an annualized basis and a yield of 3.64%. Sun Life Financial’s dividend payout ratio is 42.40%.

A number of institutional investors have recently modified their holdings of the stock. Todd Asset Management LLC raised its position in Sun Life Financial by 13.2% in the second quarter. Todd Asset Management LLC now owns 445,634 shares of the financial services provider’s stock worth $18,432,000 after acquiring an additional 51,895 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of Sun Life Financial by 48.9% in the first quarter. Janney Montgomery Scott LLC now owns 10,970 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 3,601 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Sun Life Financial by 2.4% in the second quarter. Commonwealth Equity Services LLC now owns 50,514 shares of the financial services provider’s stock worth $2,089,000 after purchasing an additional 1,193 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Sun Life Financial by 17.4% in the first quarter. CIBC Asset Management Inc now owns 6,374,052 shares of the financial services provider’s stock worth $244,877,000 after purchasing an additional 944,977 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Sun Life Financial by 36.8% in the second quarter. JPMorgan Chase & Co. now owns 2,190,497 shares of the financial services provider’s stock worth $90,314,000 after purchasing an additional 589,031 shares in the last quarter. Institutional investors own 44.92% of the company’s stock.

Several research analysts have recently issued reports on SLF shares. Evercore ISI reiterated an “outperform” rating on shares of Sun Life Financial in a research note on Monday, July 22nd. Barclays reiterated a “hold” rating on shares of Sun Life Financial in a research note on Monday, August 26th. Argus upped their target price on shares of Sun Life Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Zacks Investment Research upgraded shares of Sun Life Financial from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research note on Thursday, July 4th. Finally, ValuEngine downgraded shares of Sun Life Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $51.50.

Sun Life Financial Company Profile

Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. The company operates through five segments: Sun Life Financial Canada, Sun Life Financial United States, Sun Life Financial Asset Management, Sun Life Financial Asia, and Corporate.

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