Sun Communities Inc. (SUI) Hits New 1-Year High at $77.86
Sun Communities Inc. (NYSE:SUI)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $77.86 and last traded at $77.69, with a volume of 299,770 shares changing hands. The stock had previously closed at $77.32.
SUI has been the subject of several recent research reports. Robert W. Baird upgraded shares of Sun Communities from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $67.00 to $74.00 in a report on Wednesday, March 30th. BMO Capital Markets restated a “hold” rating on shares of Sun Communities in a report on Wednesday, April 6th. Citigroup Inc. boosted their price objective on shares of Sun Communities from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Zacks Investment Research lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, April 1st. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $75.67.
The firm has a 50-day moving average price of $71.67 and a 200 day moving average price of $69.27. The stock has a market capitalization of $4.95 billion and a P/E ratio of 30.92.
Sun Communities (NYSE:SUI) last issued its earnings results on Tuesday, April 26th. The real estate investment trust reported $0.90 EPS for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.01. During the same quarter in the prior year, the company earned $0.90 earnings per share. The company earned $129.24 million during the quarter, compared to the consensus estimate of $124.36 million. Sun Communities’s revenue was up 12.5% on a year-over-year basis. Equities research analysts anticipate that Sun Communities Inc. will post $3.72 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a $0.65 dividend. The ex-dividend date is Tuesday, June 28th. This represents a $2.60 dividend on an annualized basis and a yield of 3.39%.
In other Sun Communities news, Director Paul D. Lapides sold 6,127 shares of the company’s stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $68.23, for a total value of $418,045.21. Following the transaction, the director now directly owns 12,400 shares in the company, valued at approximately $846,052. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gary A. Shiffman sold 21,570 shares of the company’s stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $75.71, for a total transaction of $1,633,064.70. Following the completion of the transaction, the chief executive officer now owns 1,348,460 shares in the company, valued at $102,091,906.60. The disclosure for this sale can be found here.
A number of large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake in Sun Communities by 12.6% in the fourth quarter. Principal Financial Group Inc. now owns 1,981,842 shares of the real estate investment trust’s stock worth $135,816,000 after buying an additional 221,370 shares during the last quarter. California Public Employees Retirement System boosted its stake in Sun Communities by 7.1% in the fourth quarter. California Public Employees Retirement System now owns 134,200 shares of the real estate investment trust’s stock worth $9,197,000 after buying an additional 8,900 shares during the last quarter. California State Teachers Retirement System boosted its stake in Sun Communities by 10.4% in the fourth quarter. California State Teachers Retirement System now owns 93,811 shares of the real estate investment trust’s stock worth $6,429,000 after buying an additional 8,800 shares during the last quarter. Rhumbline Advisers boosted its stake in Sun Communities by 4.3% in the fourth quarter. Rhumbline Advisers now owns 69,463 shares of the real estate investment trust’s stock worth $4,760,000 after buying an additional 2,835 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Sun Communities by 4.8% in the fourth quarter. Swiss National Bank now owns 68,763 shares of the real estate investment trust’s stock worth $4,712,000 after buying an additional 3,163 shares during the last quarter.
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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