Sun Communities Inc. (NYSE:SUI) was the target of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 1,758,243 shares, an increase of 77.5% from the September 15th total of 990,646 shares. Currently, 3.0% of the shares of the stock are sold short. Based on an average daily volume of 504,025 shares, the days-to-cover ratio is presently 3.5 days.
In other Sun Communities news, Director Clunet R. Lewis sold 1,800 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 18,400 shares in the company, valued at approximately $1,438,144. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.14% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Advisor Group Inc. purchased a new stake in Sun Communities during the second quarter worth approximately $150,000. Public Employees Retirement Association of Colorado purchased a new stake in Sun Communities during the second quarter worth approximately $154,000. Quadrature Capital Ltd purchased a new stake in Sun Communities during the first quarter worth approximately $208,000. Sumitomo Mitsui Asset Management Company LTD purchased a new stake in Sun Communities during the second quarter worth approximately $211,000. Finally, BlackRock Japan Co. Ltd boosted its stake in Sun Communities by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 3,078 shares of the real estate investment trust’s stock worth $220,000 after buying an additional 24 shares during the period. Institutional investors own 93.27% of the company’s stock.
Shares of Sun Communities (NYSE:SUI) opened at 78.70 on Tuesday. The company has a market cap of $5.40 billion, a P/E ratio of 39.27 and a beta of 0.52. The stock’s 50 day moving average price is $77.69 and its 200-day moving average price is $74.26. Sun Communities has a 12 month low of $61.65 and a 12 month 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 for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.03. Sun Communities had a return on equity of 8.30% and a net margin of 19.60%. The firm earned $140 million during the quarter, compared to analysts’ expectations of $165.78 million. During the same quarter in the previous year, the business earned $0.87 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. Equities research analysts expect that Sun Communities will post $3.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Friday, September 30th were given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend was Wednesday, September 28th. Sun Communities’s dividend payout ratio (DPR) is presently 122.64%.
SUI has been the subject of several analyst reports. Zacks Investment Research upgraded 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. upgraded Sun Communities from a “neutral” rating to a “buy” rating and raised their target price for the stock from $80.00 to $86.00 in a research note on Monday, September 12th. Evercore ISI initiated coverage on Sun Communities in a research note on Friday. They issued a “buy” rating and a $85.00 target price for the company. TheStreet downgraded Sun Communities from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. Finally, BMO Capital Markets upgraded Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research note on Friday, September 16th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $83.40.
Sun Communities Company Profile
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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