Sun Communities Inc. (SUI) Sees Large Volume Increase
Shares of Sun Communities Inc. (NYSE:SUI) saw unusually-high trading volume on Thursday . Approximately 851,841 shares traded hands during mid-day trading, a decline of 4% from the previous session’s volume of 883,469 shares.The stock last traded at $75.25 and had previously closed at $76.05.
SUI has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, April 1st. Robert W. Baird raised Sun Communities from a “neutral” rating to an “outperform” rating and increased their price target for the company from $67.00 to $74.00 in a research note on Wednesday, March 30th. Citigroup Inc. increased their price target on Sun Communities from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 7th. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of Sun Communities in a research note on Wednesday, April 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $75.67.
The company has a market capitalization of $4.84 billion and a P/E ratio of 30.26. The company’s 50 day moving average price is $72.73 and its 200 day moving average price is $69.54.
Sun Communities (NYSE:SUI) last posted its earnings results on Tuesday, April 26th. The real estate investment trust reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The firm earned $129.24 million during the quarter, compared to the consensus estimate of $124.36 million. The business’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. Analysts forecast that Sun Communities Inc. will post $3.72 earnings per share for the current fiscal year.
The company 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. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Tuesday, June 28th.
In other news, CEO Gary A. Shiffman sold 21,570 shares of Sun Communities stock in a transaction that occurred on Wednesday, June 29th. The shares were sold at an average price of $75.71, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul D. Lapides sold 6,127 shares of Sun Communities stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $68.23, for a total transaction of $418,045.21. Following the completion of the transaction, the director now owns 12,400 shares of the company’s stock, valued at approximately $846,052. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently bought and sold shares of SUI. California State Teachers Retirement System boosted its position 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 period. Principal Financial Group Inc. boosted its position 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 period. Green Street Investors LLC purchased a new position in Sun Communities during the fourth quarter worth about $1,323,000. Teacher Retirement System of Texas boosted its position in Sun Communities by 1.1% in the fourth quarter. Teacher Retirement System of Texas now owns 68,323 shares of the real estate investment trust’s stock worth $4,682,000 after buying an additional 765 shares during the period. Finally, ProShare Advisors LLC boosted its position in Sun Communities by 29.5% in the fourth quarter. ProShare Advisors LLC now owns 28,256 shares of the real estate investment trust’s stock worth $1,936,000 after buying an additional 6,444 shares during the period.
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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