Sun Life Financial Inc. (NYSE:SLF) Short Interest Down 66.8% in March

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

Sun Life Financial Trading Down 0.8 %

SLF stock opened at $57.16 on Thursday. The stock’s 50 day simple moving average is $56.77 and its 200 day simple moving average is $57.93. Sun Life Financial has a 12-month low of $46.41 and a 12-month high of $62.85. The firm has a market cap of $35.73 billion, a P/E ratio of 14.88, a P/E/G ratio of 1.52 and a beta of 1.04.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last posted its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.30. Sun Life Financial had a net margin of 8.08% and a return on equity of 16.86%. On average, research analysts forecast that Sun Life Financial will post 5.19 EPS for the current fiscal year.

Sun Life Financial Cuts Dividend

The business 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 dividend of $0.5876 per share. This represents a $2.35 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Wednesday, February 26th. Sun Life Financial’s dividend payout ratio (DPR) is presently 60.16%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SLF. National Bank Financial raised Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, January 15th. Cormark upgraded shares of Sun Life Financial from a “hold” rating to a “moderate buy” rating in a research note on Thursday, February 13th. Finally, StockNews.com downgraded shares of Sun Life Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Human Investing LLC bought a new position in Sun Life Financial in the 4th quarter worth about $26,000. Asset Planning Inc bought a new position in Sun Life Financial in the 4th quarter worth approximately $40,000. BankPlus Trust Department acquired a new stake in Sun Life Financial in the 4th quarter valued at approximately $40,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Sun Life Financial in the 4th quarter valued at approximately $45,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Sun Life Financial during the 3rd quarter valued at $51,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

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.