Short Interest in Sun Life Financial Inc (NYSE:SLF) Rises By 38.6%

Sun Life Financial Inc (NYSE:SLF) (TSE:SLF) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 3,160,000 shares, an increase of 38.6% from the June 30th total of 2,280,000 shares. Approximately 0.5% of the company’s stock are sold short. Based on an average daily trading volume, of 725,600 shares, the days-to-cover ratio is presently 4.4 days.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Contravisory Investment Management Inc. acquired a new position in Sun Life Financial in the 1st quarter valued at $35,000. Westside Investment Management Inc. grew its position in shares of Sun Life Financial by 338.0% in the second quarter. Westside Investment Management Inc. now owns 1,555 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 1,200 shares during the last quarter. Arden Trust Co bought a new position in shares of Sun Life Financial in the first quarter worth about $55,000. Cornerstone Advisors Inc. lifted its position in shares of Sun Life Financial by 16.1% during the 2nd quarter. Cornerstone Advisors Inc. now owns 2,275 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 315 shares during the last quarter. Finally, CWM LLC lifted its position in shares of Sun Life Financial by 112.3% during the 2nd quarter. CWM LLC now owns 2,883 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 1,525 shares during the last quarter. 43.14% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE SLF opened at $38.97 on Friday. The business’s 50-day simple moving average is $37.32 and its 200-day simple moving average is $38.27. Sun Life Financial has a 52 week low of $24.37 and a 52 week high of $50.13. The firm has a market cap of $22.78 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 1.26 and a beta of 1.00.

Sun Life Financial (NYSE:SLF) (TSE:SLF) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.52. Sun Life Financial had a return on equity of 13.77% and a net margin of 7.01%. The firm had revenue of $4.82 billion during the quarter. During the same period in the previous year, the company earned $1.20 EPS. As a group, analysts predict that Sun Life Financial will post 3.44 earnings per share for the current year.

SLF has been the subject of a number of research reports. Barclays lifted their target price on shares of Sun Life Financial from $39.00 to $44.00 and gave the company an “underweight” rating in a research note on Thursday, April 9th. Royal Bank of Canada raised Sun Life Financial from a “sector perform” rating to an “outperform” rating in a research report on Thursday, May 7th. CIBC upped their target price on Sun Life Financial from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Canaccord Genuity reiterated a “hold” rating and set a $55.50 price target on shares of Sun Life Financial in a report on Friday, July 24th. Finally, TheStreet raised Sun Life Financial from a “c+” rating to a “b-” rating in a research note on Thursday, July 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Sun Life Financial presently has a consensus rating of “Hold” and an average target price of $56.35.

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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