Sun Communities Inc. (SUI) Hits New 1-Year High at $78.00
Shares of Sun Communities Inc. (NYSE:SUI) reached a new 52-week high during trading on Wednesday . The company traded as high as $78.00 and last traded at $77.87, with a volume of 729,890 shares traded. The stock had previously closed at $77.30.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a report on Wednesday. BMO Capital Markets reissued a “hold” rating on shares of Sun Communities in a report on Wednesday, April 6th. Citigroup Inc. boosted their price target on shares of Sun Communities from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. Finally, Robert W. Baird raised shares of Sun Communities from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $67.00 to $74.00 in a report on Wednesday, March 30th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Sun Communities currently has an average rating of “Buy” and an average price target of $80.33.
Sun Communities (NYSE:SUI) last posted its quarterly 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. During the same quarter in the previous year, the business posted $0.90 earnings per share. The company earned $129.24 million during the quarter, compared to analyst estimates of $124.36 million. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Tuesday, June 28th.
In other news, CEO Gary A. Shiffman sold 21,570 shares of Sun Communities stock in a transaction dated Wednesday, June 29th. The shares were 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 directly owns 1,348,460 shares in the company, valued at $102,091,906.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul D. Lapides sold 6,127 shares of Sun Communities stock in a transaction dated Wednesday, June 8th. The shares were 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 of the company’s stock, valued at $846,052. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of SUI. Employees Retirement System of Texas acquired a new position in shares of Sun Communities during the fourth quarter worth about $3,015,000. 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 boosted 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. Principal Financial Group Inc. boosted 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. Finally, California Public Employees Retirement System boosted its position in shares of 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 in 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.