Sun Life Financial Inc. (NYSE:SLF – Get Free Report) (TSE:SLF) was the target of a large drop in short interest in the month of June. As of June 15th, there was short interest totaling 2,313,664 shares, a drop of 59.1% from the May 31st total of 5,662,030 shares. Based on an average daily volume of 559,386 shares, the days-to-cover ratio is presently 4.1 days. Currently, 0.4% of the shares of the stock are sold short.
Hedge Funds Weigh In On Sun Life Financial
Institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in Sun Life Financial in the 4th quarter worth approximately $398,037,000. Morgan Stanley raised its stake in shares of Sun Life Financial by 86.6% during the fourth quarter. Morgan Stanley now owns 3,952,646 shares of the financial services provider’s stock worth $246,645,000 after acquiring an additional 1,834,772 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Sun Life Financial by 2,187.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,601,200 shares of the financial services provider’s stock worth $100,276,000 after acquiring an additional 1,531,200 shares during the last quarter. Bank of Nova Scotia boosted its stake in shares of Sun Life Financial by 27.1% in the 4th quarter. Bank of Nova Scotia now owns 5,991,249 shares of the financial services provider’s stock valued at $373,984,000 after purchasing an additional 1,277,583 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Sun Life Financial by 123.4% during the 4th quarter. Wellington Management Group LLP now owns 2,245,209 shares of the financial services provider’s stock valued at $140,339,000 after purchasing an additional 1,240,241 shares during the last quarter. 52.26% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
SLF has been the topic of a number of recent analyst reports. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Sun Life Financial in a report on Friday, May 8th. Scotiabank reaffirmed a “sector perform” rating on shares of Sun Life Financial in a report on Wednesday, April 29th. Wall Street Zen downgraded Sun Life Financial from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Argus set a $81.00 price objective on Sun Life Financial in a research note on Wednesday, June 10th. Finally, National Bank Financial upgraded Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $84.67.
Sun Life Financial Trading Up 0.5%
Shares of NYSE:SLF traded up $0.38 during trading on Tuesday, reaching $78.47. The company had a trading volume of 356,371 shares, compared to its average volume of 692,596. The company has a fifty day moving average of $73.39 and a two-hundred day moving average of $67.14. The stock has a market capitalization of $43.49 billion, a P/E ratio of 20.22 and a beta of 0.90. Sun Life Financial has a 12 month low of $56.22 and a 12 month high of $78.98.
Sun Life Financial (NYSE:SLF – Get Free Report) (TSE:SLF) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. Sun Life Financial had a net margin of 7.85% and a return on equity of 17.80%. The company had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $925.99 million. During the same period in the previous year, the firm posted $1.82 EPS. As a group, equities research analysts predict that Sun Life Financial will post 5.76 earnings per share for the current year.
Sun Life Financial Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.9%. This is an increase from Sun Life Financial’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Wednesday, May 27th. Sun Life Financial’s dividend payout ratio is presently 72.94%.
About Sun Life Financial
Sun Life Financial Inc, founded in 1865 and headquartered in Toronto, Ontario, is an international financial services organization that provides a range of insurance, wealth management and asset management solutions. The company serves individual and institutional clients, offering products designed to protect against life and health risks, help clients save for retirement, and manage investments on behalf of customers and third parties.
Core business activities include life and health insurance, group benefits for employers, retirement and pension products, and wealth management services such as mutual funds and segregated fund solutions.
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