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

Sun Life Financial Inc. (NYSE:SLF) (TSE:SLF) was the recipient of 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. Based on an average daily trading volume, of 636,900 shares, the days-to-cover ratio is presently 5.3 days. Approximately 0.6% of the company’s shares are short sold.

Institutional Investors Weigh In On Sun Life Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Addenda Capital Inc. increased its holdings in Sun Life Financial by 21.1% in the 4th quarter. Addenda Capital Inc. now owns 148,679 shares of the financial services provider’s stock worth $7,710,000 after acquiring an additional 25,886 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Sun Life Financial during the 4th quarter valued at $2,299,000. International Assets Investment Management LLC bought a new position in Sun Life Financial in the 4th quarter worth $2,138,000. Wellington Management Group LLP purchased a new stake in Sun Life Financial in the 3rd quarter worth $3,610,000. Finally, Barometer Capital Management Inc. lifted its position in shares of 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 in the last quarter. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Sun Life Financial Stock Up 0.5 %

Shares of NYSE:SLF traded up $0.27 during midday trading on Monday, reaching $51.94. The company’s stock had a trading volume of 109,974 shares, compared to its average volume of 606,074. Sun Life Financial has a 12-month low of $44.57 and a 12-month high of $55.46. The firm has a market capitalization of $30.25 billion, a P/E ratio of 13.32, a PEG ratio of 1.28 and a beta of 1.01. The firm has a 50 day moving average of $53.44 and a 200-day moving average of $51.38.

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

Sun Life Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, February 28th were given a dividend of $0.581 per share. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $2.32 dividend on an annualized basis and a yield of 4.47%. Sun Life Financial’s dividend payout ratio is 59.79%.

Wall Street Analyst Weigh In

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

Sun Life Financial Company Profile

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.