Assurant Becomes #102 Most Shorted S&P 500 Component, Replacing Comerica

The most recent short interest data has been released by the NASDAQ for the 06/14/2013 settlement date, and we here at Dividend Channel like to sift through this fresh data and order the underlying components of the S&P 500 by "days to cover." There are a number of ways to look at short data, for example the total number of shares short; but one metric that we find particularly useful is the "days to cover" metric because it considers both the total shares short and the average daily volume of shares typically traded. The number of shares short is then compared to the average daily volume, in order to calculate the total number of trading days it would take to close out all of the open short positions if every share traded represented a short position being closed.

START SLIDESHOW:
The 25 Most Shorted S&P 500 Stocks »

In our new rank based on the most recent short interest data from NASDAQ, Assurant Inc ( AIZ) has taken over the position of #102 most shorted S&P 500 component, from Comerica, Inc. ( CMA) which is now in the #131 spot. The "days to cover" at 06/14/2013 was 5.38 for AIZ, and 4.70 for CMA; this compares to the average across all S&P 500 components of 3.94 (up from the average back on the 05/31/2013 settlement date of 3.72). The chart below shows the movement over time of the "days to cover" values of both AIZ and CMA, versus the average S&P 500 component.

Loading+chart++2013+TickerTech.com

Below is a chart showing the relative positions of AIZ versus CMA over time within the 500 S&P 500 components, with #1 representing the component with the highest "days to cover" value (most heavily shorted) and #500 representing the component with the lowest "days to cover" value (least heavily shorted):

If you liked this article you might like

Baker's Dozen Plus One Make Up My New Buyback/Dividend Growth Portfolio

The Big Reason You Should Buy Assurant: 13 Years of Dividend Growth

Analysts' Actions -- American Express, Kinder Morgan, Expedia and More

Turn to Insurers for Some Portfolio Insurance