Traders Buy Shares of Sun Communities Inc. (SUI) on Weakness
Investors purchased shares of Sun Communities Inc. (NYSE:SUI) on weakness during trading hours on Thursday. $21.96 million flowed into the stock on the tick-up and $5.84 million flowed out of the stock on the tick-down, for a money net flow of $16.12 million into the stock. Of all equities tracked, Sun Communities had the 12th highest net in-flow for the day. Sun Communities traded down ($0.45) for the day and closed at $77.55
A number of research firms have weighed in on SUI. Zacks Investment Research raised shares of Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a report on Wednesday, July 27th. Citigroup Inc. lifted their price objective 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, BMO Capital Markets reaffirmed a “hold” rating on shares of Sun Communities in a report on Wednesday, April 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $80.33.
The company has a 50 day moving average price of $75.93 and a 200-day moving average price of $70.54. The company has a market capitalization of $5.32 billion and a price-to-earnings ratio of 38.68.
Sun Communities (NYSE:SUI) last posted its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03. The company earned $140 million during the quarter, compared to analysts’ expectations of $165.78 million. During the same period last year, the business earned $0.87 earnings per share. The company’s quarterly revenue was up 15.0% on a year-over-year basis. Equities analysts forecast that Sun Communities Inc. will post $3.72 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Tuesday, June 28th.
In related news, CEO Gary A. Shiffman sold 21,570 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 1,348,460 shares of the company’s stock, valued at approximately $102,091,906.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gary A. Shiffman sold 18,642 shares of the stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $75.67, for a total transaction of $1,410,640.14. Following the completion of the transaction, the chief executive officer now directly owns 1,326,790 shares in the company, valued at $100,398,199.30. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently bought and sold shares of the company. California Public Employees Retirement System increased its position 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 period. First Trust Advisors LP boosted its stake in shares of Sun Communities by 14.9% in the fourth quarter. First Trust Advisors LP now owns 22,382 shares of the real estate investment trust’s stock worth $1,534,000 after buying an additional 2,900 shares in the last quarter. Globeflex Capital L P acquired a new stake in shares of Sun Communities during the fourth quarter worth $2,229,000. Employees Retirement System of Texas acquired a new stake in shares of Sun Communities during the fourth quarter worth $3,015,000. Finally, Advantus Capital Management Inc boosted its stake 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.
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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