Sun Communities Inc (NYSE:SUI) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 1,240,000 shares, a growth of 38.4% from the August 30th total of 896,200 shares. Approximately 1.4% of the company’s stock are sold short. Based on an average daily trading volume, of 517,300 shares, the short-interest ratio is presently 2.4 days.
Shares of Sun Communities stock traded up $0.49 during trading on Monday, hitting $152.59. 237,200 shares of the stock were exchanged, compared to its average volume of 486,100. The stock has a market capitalization of $13.86 billion, a price-to-earnings ratio of 33.32, a price-to-earnings-growth ratio of 5.19 and a beta of 0.22. The company has a fifty day moving average price of $149.05 and a 200-day moving average price of $133.80. Sun Communities has a 1-year low of $95.08 and a 1-year high of $153.96.
Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $0.46 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.67). The firm had revenue of $312.45 million for the quarter, compared to analyst estimates of $295.20 million. Sun Communities had a return on equity of 4.01% and a net margin of 11.05%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.07 earnings per share. Equities research analysts expect that Sun Communities will post 4.88 earnings per share for the current fiscal year.
The company also recently disclosed 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 presently 65.50%.
In other Sun Communities news, Director Arthur A. Weiss sold 257 shares of Sun Communities stock in a transaction on Monday, August 26th. The shares were sold at an average price of $147.57, for a total value of $37,925.49. Following the sale, the director now directly owns 29,156 shares in the company, valued at approximately $4,302,550.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John Bandini Mclaren sold 7,410 shares of Sun Communities stock in a transaction on Monday, August 26th. The shares were sold at an average price of $146.74, for a total transaction of $1,087,343.40. Following the completion of the sale, the chief operating officer now owns 120,483 shares in the company, valued at $17,679,675.42. The disclosure for this sale can be found here. Insiders sold a total of 18,871 shares of company stock worth $2,789,063 over the last quarter. Company insiders own 3.34% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Hanseatic Management Services Inc. boosted its holdings in shares of Sun Communities by 6.4% during the 2nd quarter. Hanseatic Management Services Inc. now owns 1,335 shares of the real estate investment trust’s stock worth $171,000 after buying an additional 80 shares during the period. Davis Selected Advisers boosted its holdings in Sun Communities by 0.3% in the 2nd quarter. Davis Selected Advisers now owns 59,070 shares of the real estate investment trust’s stock valued at $7,572,000 after purchasing an additional 160 shares during the period. Cresset Asset Management LLC boosted its holdings in Sun Communities by 9.8% in the 2nd quarter. Cresset Asset Management LLC now owns 2,133 shares of the real estate investment trust’s stock valued at $275,000 after purchasing an additional 190 shares during the period. Wetherby Asset Management Inc. boosted its holdings in Sun Communities by 7.5% in the 2nd quarter. Wetherby Asset Management Inc. now owns 3,226 shares of the real estate investment trust’s stock valued at $413,000 after purchasing an additional 225 shares during the period. Finally, World Asset Management Inc boosted its holdings in Sun Communities by 7.2% in the 2nd quarter. World Asset Management Inc now owns 3,369 shares of the real estate investment trust’s stock valued at $432,000 after purchasing an additional 226 shares during the period. Institutional investors own 92.84% of the company’s stock.
SUI has been the topic of several recent research reports. Zacks Investment Research lowered shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. ValuEngine lowered shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Co lifted their price target on shares of Sun Communities from $118.00 to $137.00 and gave the company 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. The company has an average rating of “Hold” and an average price target of $136.25.
About Sun Communities
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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