Investors Buy Sun Communities Inc. (SUI) on Weakness
Investors bought shares of Sun Communities Inc. (NYSE:SUI) on weakness during trading 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 stocks 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
Several analysts have recently issued reports on SUI shares. Zacks Investment Research upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research note on Wednesday, July 27th. Citigroup Inc. upped their target price on shares of Sun Communities from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 7th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $80.33.
The company has a market capitalization of $5.29 billion and a P/E ratio of 38.43. The firm’s 50-day moving average is $76.06 and its 200-day moving average is $70.59.
Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. The business earned $140 million during the quarter, compared to analysts’ expectations of $165.78 million. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.87 EPS. Equities research analysts forecast that Sun Communities Inc. will post $3.72 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Tuesday, June 28th.
In related news, CEO Gary A. Shiffman sold 21,570 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 1,348,460 shares of the company’s stock, valued at $102,091,906.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clunet R. Lewis sold 1,800 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $78.16, for a total value of $140,688.00. Following the completion of the sale, the director now directly owns 18,400 shares of the company’s stock, valued at approximately $1,438,144. The disclosure for this sale can be found here.
Other institutional investors have recently made changes to their positions in the company. First Trust Advisors LP raised its position 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 valued at $1,534,000 after buying an additional 2,900 shares in the last quarter. Employees Retirement System of Texas purchased a new position in shares of Sun Communities during the fourth quarter valued at approximately $3,015,000. Finally, California Public Employees Retirement System raised 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 valued at $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.
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