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

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 3,370,000 shares, an increase of 69.3% from the March 31st total of 1,990,000 shares. Currently, 0.6% of the company’s shares are short sold. Based on an average daily trading volume, of 636,900 shares, the days-to-cover ratio is currently 5.3 days.

Sun Life Financial Trading Up 0.5 %

Shares of SLF traded up $0.26 during midday trading on Monday, hitting $51.93. The stock had a trading volume of 100,286 shares, compared to its average volume of 606,019. Sun Life Financial has a fifty-two week low of $44.57 and a fifty-two week high of $55.46. The business has a 50-day simple moving average of $53.44 and a two-hundred day simple moving average of $51.38. The firm has a market cap of $30.25 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Wednesday, February 7th. The financial services provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.17 by $0.06. Sun Life Financial had a net margin of 7.79% and a return on equity of 17.30%. The company had revenue of $13.73 billion during the quarter. On average, analysts expect that Sun Life Financial will post 5.03 earnings per share for the current fiscal year.

Sun Life Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, February 28th were issued a dividend of $0.581 per share. This is a boost from Sun Life Financial’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 4.48%. The ex-dividend date of this dividend was Tuesday, February 27th. Sun Life Financial’s dividend payout ratio (DPR) is currently 59.79%.

Institutional Trading of Sun Life Financial

Institutional investors have recently made changes to their positions in the stock. Addenda Capital Inc. boosted its holdings in shares of Sun Life Financial by 21.1% during the fourth quarter. Addenda Capital Inc. now owns 148,679 shares of the financial services provider’s stock worth $7,710,000 after purchasing an additional 25,886 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new stake in Sun Life Financial in the fourth quarter valued at approximately $2,299,000. International Assets Investment Management LLC acquired a new stake in Sun Life Financial in the fourth quarter valued at approximately $2,138,000. Wellington Management Group LLP acquired a new stake in Sun Life Financial in the third quarter valued at approximately $3,610,000. Finally, Barometer Capital Management Inc. lifted its stake in Sun Life Financial by 7.2% in the third quarter. Barometer Capital Management Inc. now owns 151,850 shares of the financial services provider’s stock valued at $7,410,000 after acquiring an additional 10,200 shares during the last quarter. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group initiated coverage on shares of Sun Life Financial in a report on Thursday, February 22nd. They issued a “buy” rating for the company.

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.