Sun Communities Inc. (SUI) Shares Down 1.1%
Sun Communities Inc. (NYSE:SUI)’s share price fell 1.1% during mid-day trading on Tuesday . The company traded as low as $76.26 and last traded at $76.49, with a volume of 456,338 shares. The stock had previously closed at $77.33.
A number of research firms have issued reports on SUI. Citigroup Inc. increased their price objective on Sun Communities from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th. BMO Capital Markets reiterated a “hold” rating on shares of Sun Communities in a report on Wednesday, April 6th. Zacks Investment Research downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, April 1st. Finally, Robert W. Baird upgraded Sun Communities from a “neutral” rating to an “outperform” rating and raised their price target for the company from $67.00 to $74.00 in a report on Wednesday, March 30th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $75.67.
The company has a market capitalization of $4.90 billion and a PE ratio of 30.65. The firm’s 50-day moving average is $72.37 and its 200 day moving average is $69.45.
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 analysts’ consensus estimates of $0.89 by $0.01. The company earned $129.24 million during the quarter, compared to analysts’ expectations of $124.36 million. During the same quarter in the previous year, the company earned $0.90 EPS. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. Analysts anticipate that Sun Communities Inc. will post $3.72 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Tuesday, June 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.42%.
In other Sun Communities news, Director Paul D. Lapides sold 6,127 shares of the stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $68.23, for a total transaction of $418,045.21. Following the transaction, the director now owns 12,400 shares in the company, valued at $846,052. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gary A. Shiffman sold 21,570 shares of the stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of $75.71, for a total value of $1,633,064.70. Following the transaction, the chief executive officer now owns 1,348,460 shares in the company, valued at approximately $102,091,906.60. The disclosure for this sale can be found here.
A number of institutional investors have modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of 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 in the last quarter. Globeflex Capital L P acquired a new position in shares of Sun Communities during the fourth quarter worth about $2,229,000. Advantus Capital Management Inc increased its position in shares of Sun Communities by 108.5% in the fourth quarter. Advantus Capital Management Inc now owns 44,796 shares of the real estate investment trust’s stock worth $3,070,000 after buying an additional 23,309 shares in the last quarter. Sei Investments Co. increased its position in shares of Sun Communities by 105.0% in the fourth quarter. Sei Investments Co. now owns 45,491 shares of the real estate investment trust’s stock worth $3,117,000 after buying an additional 23,300 shares in the last quarter. Finally, Green Street Investors LLC acquired a new position in shares of Sun Communities during the fourth quarter worth about $1,323,000.
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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