Sun Communities Inc. (SUI) Sees Large Volume Increase
Sun Communities Inc. (NYSE:SUI) saw an uptick in trading volume on Thursday . 548,756 shares traded hands during trading, an increase of 26% from the previous session’s volume of 433,902 shares.The stock last traded at $75.95 and had previously closed at $75.76.
Several research firms have weighed in on SUI. Zacks Investment Research raised Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research note on Wednesday, July 27th. Citigroup Inc. boosted 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. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $80.33.
The stock has a market capitalization of $5.21 billion and a price-to-earnings ratio of 37.87. The company’s 50 day moving average is $77.23 and its 200 day moving average is $71.66.
Sun Communities (NYSE:SUI) last released its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.03. The company earned $140 million during the quarter, compared to analyst estimates of $165.78 million. During the same period in the previous year, the company posted $0.87 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts expect that Sun Communities Inc. will post $3.76 earnings per share for the current year.
In other Sun Communities news, CEO Gary A. Shiffman sold 18,642 shares of the stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $75.67, for a total value of $1,410,640.14. Following the transaction, the chief executive officer now owns 1,326,790 shares of the company’s stock, valued at $100,398,199.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Clunet R. Lewis sold 1,800 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $78.16, for a total value of $140,688.00. Following the completion of the transaction, the director now directly owns 18,400 shares in the company, valued at approximately $1,438,144. The disclosure for this sale can be found here.
An institutional investor recently bought a new position in Sun Communities stock. Employees Retirement System of Texas bought a new stake in shares of Sun Communities Inc. (NYSE:SUI) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 44,000 shares of the real estate investment trust’s stock, valued at approximately $3,015,000. Employees Retirement System of Texas owned 0.08% of Sun Communities at the end of the most recent reporting 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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