Sun Communities Inc. (SUI) to Issue Quarterly Dividend of $0.65 on October 17th
Sun Communities Inc. (NYSE:SUI) declared a quarterly dividend on Tuesday, September 6th. Investors of record on Friday, September 30th will be given a dividend of 0.65 per share by the real estate investment trust on Monday, October 17th. This represents a $2.60 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Wednesday, September 28th.
A number of research analysts recently commented on SUI shares. BMO Capital Markets upgraded Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a report on Friday, September 16th. TheStreet cut Sun Communities from a “buy” rating to a “hold” rating in a report on Friday, August 26th. Citigroup Inc. upgraded Sun Communities from a “neutral” rating to a “buy” rating and upped their price target for the stock from $80.00 to $86.00 in a research note on Monday, September 12th. Finally, Zacks Investment Research upgraded Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a research note on Wednesday, July 27th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $83.00.
In other news, CEO Gary A. Shiffman sold 21,570 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $102,091,906.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gary A. Shiffman sold 18,642 shares of the firm’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $75.67, for a total transaction of $1,410,640.14. Following the transaction, the chief executive officer now directly owns 1,326,790 shares of the company’s stock, valued at $100,398,199.30. The disclosure for this sale can be found here. Insiders own 5.14% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of SUI. Cbre Clarion Securities LLC boosted its position in shares of Sun Communities by 16.6% in the second quarter. Cbre Clarion Securities LLC now owns 3,172,591 shares of the real estate investment trust’s stock worth $243,147,000 after buying an additional 451,175 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Sun Communities by 9.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,300,131 shares of the real estate investment trust’s stock valued at $176,282,000 after buying an additional 202,909 shares during the last quarter. Security Capital Research & Management Inc. purchased a new stake in Sun Communities during the second quarter valued at approximately $34,689,000. West Family Investments Inc. boosted its stake in Sun Communities by 8.7% in the second quarter. West Family Investments Inc. now owns 293,657 shares of the real estate investment trust’s stock valued at $22,506,000 after buying an additional 23,509 shares during the last quarter. Finally, Credit Suisse AG boosted its stake in Sun Communities by 41.4% in the second quarter. Credit Suisse AG now owns 277,324 shares of the real estate investment trust’s stock valued at $21,253,000 after buying an additional 81,261 shares during the last quarter. 93.94% of the stock is owned by institutional investors and hedge funds.
Sun Communities (NYSE:SUI) opened at 79.64 on Friday. The firm has a market capitalization of $5.47 billion, a PE ratio of 39.74 and a beta of 0.60. The firm’s 50-day moving average price is $77.43 and its 200-day moving average price is $73.12. Sun Communities has a 1-year low of $61.65 and a 1-year high of $85.98.
Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03. Sun Communities had a net margin of 19.60% and a return on equity of 8.30%. The company earned $140 million during the quarter, compared to the consensus estimate of $165.78 million. During the same period last year, the firm earned $0.87 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts predict that Sun Communities will post $3.76 EPS for the current fiscal year.
About Sun Communities
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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