Sun Communities (NYSE:SUI) Reaches New 52-Week High at $153.67

Shares of Sun Communities Inc (NYSE:SUI) reached a new 52-week high on Thursday . The company traded as high as $153.67 and last traded at $153.67, with a volume of 3435 shares trading hands. The stock had previously closed at $152.53.

SUI has been the subject of a number of analyst reports. ValuEngine downgraded Sun Communities from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research downgraded Sun Communities from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Co lifted their target price on Sun Communities from $118.00 to $137.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 18th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Sun Communities has an average rating of “Hold” and a consensus target price of $136.25.

The company has a 50 day moving average price of $148.82 and a 200 day moving average price of $133.29. The company has a market capitalization of $13.86 billion, a P/E ratio of 33.21, a P/E/G ratio of 5.17 and a beta of 0.22.

Sun Communities (NYSE:SUI) last issued its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.67). Sun Communities had a return on equity of 4.01% and a net margin of 11.05%. The business had revenue of $312.45 million for the quarter, compared to the consensus estimate of $295.20 million. During the same quarter in the prior year, the firm posted $1.07 earnings per share. The business’s revenue was up 15.1% compared to the same quarter last year. On average, equities analysts expect that Sun Communities Inc will post 4.88 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $3.00 annualized dividend and a dividend yield of 1.97%. Sun Communities’s dividend payout ratio is currently 65.50%.

In other news, COO John Bandini Mclaren sold 7,410 shares of Sun Communities stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $146.74, for a total transaction of $1,087,343.40. Following the completion of the transaction, the chief operating officer now directly owns 120,483 shares in the company, valued at approximately $17,679,675.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Weiss sold 257 shares of Sun Communities stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $147.57, for a total value of $37,925.49. Following the transaction, the director now owns 29,156 shares of the company’s stock, valued at $4,302,550.92. The disclosure for this sale can be found here. Insiders have sold a total of 18,871 shares of company stock valued at $2,789,063 over the last quarter. 3.34% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Sun Communities in the 2nd quarter valued at $8,561,000. Toronto Dominion Bank bought a new stake in Sun Communities in the 2nd quarter valued at $2,823,000. Eii Capital Management Inc. boosted its stake in Sun Communities by 32.5% in the 2nd quarter. Eii Capital Management Inc. now owns 15,227 shares of the real estate investment trust’s stock valued at $1,952,000 after purchasing an additional 3,739 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Sun Communities by 14.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 141,980 shares of the real estate investment trust’s stock valued at $18,200,000 after purchasing an additional 17,720 shares during the period. Finally, Nicholas Investment Partners LP bought a new stake in Sun Communities in the 2nd quarter valued at $3,209,000. Institutional investors and hedge funds own 92.85% of the company’s stock.

About Sun Communities (NYSE:SUI)

Sun Communities, Inc is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.

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