Sun Communities (NYSE:SUI) had its price objective raised by Wells Fargo & Co from $118.00 to $137.00 in a research report released on Wednesday, September 18th, BenzingaRatingsTable reports. The brokerage currently has a market perform rating on the real estate investment trust’s stock.
Several other equities research analysts have also recently commented on the company. Zacks Investment Research cut Sun Communities from a buy rating to a hold rating in a report on Friday, September 13th. BMO Capital Markets raised their target price on Sun Communities to $132.00 and gave the stock an outperform rating in a research note on Monday, June 3rd. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $136.25.
SUI stock traded down $0.72 during mid-day trading on Wednesday, reaching $152.10. 397,484 shares of the company’s stock were exchanged, compared to its average volume of 636,723. The company has a market cap of $13.83 billion, a price-to-earnings ratio of 33.21, a price-to-earnings-growth ratio of 5.18 and a beta of 0.22. The stock’s 50 day moving average is $148.82 and its 200 day moving average is $133.29. Sun Communities has a 12-month low of $94.63 and a 12-month high of $153.96.
Sun Communities (NYSE:SUI) last released its earnings results 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). Sun Communities had a net margin of 11.05% and a return on equity of 4.01%. The firm had revenue of $312.45 million during the quarter, compared to analysts’ expectations of $295.20 million. During the same quarter last year, the business earned $1.07 EPS. The business’s revenue was up 15.1% compared to the same quarter last year. Analysts predict that Sun Communities will post 4.88 earnings per share for the current 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 $0.75 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.97%. Sun Communities’s payout ratio is presently 65.50%.
In related news, Director Arthur A. Weiss sold 257 shares of Sun Communities stock in a transaction 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 completion of the transaction, the director now directly owns 29,156 shares in the company, valued at $4,302,550.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Karen Dearing sold 11,204 shares of Sun Communities stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $148.50, for a total value of $1,663,794.00. Following the sale, the chief financial officer now directly owns 110,126 shares of the company’s stock, valued at $16,353,711. The disclosure for this sale can be found here. Insiders sold 18,871 shares of company stock valued at $2,789,063 over the last ninety days. Insiders own 3.34% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Sun Communities by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 12,548,952 shares of the real estate investment trust’s stock valued at $1,608,650,000 after acquiring an additional 317,684 shares during the period. BlackRock Inc. increased its position in Sun Communities by 6.3% during the 2nd quarter. BlackRock Inc. now owns 7,433,229 shares of the real estate investment trust’s stock worth $952,867,000 after purchasing an additional 438,673 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Sun Communities by 9.0% during the 1st quarter. Principal Financial Group Inc. now owns 2,981,926 shares of the real estate investment trust’s stock worth $353,418,000 after acquiring an additional 246,452 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Sun Communities by 557.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,170,073 shares of the real estate investment trust’s stock worth $278,181,000 after acquiring an additional 1,839,980 shares in the last quarter. Finally, Centersquare Investment Management LLC boosted its stake in shares of Sun Communities by 8.0% during the 1st quarter. Centersquare Investment Management LLC now owns 1,783,705 shares of the real estate investment trust’s stock worth $211,405,000 after acquiring an additional 131,382 shares in the last quarter. 92.85% of the stock is owned by institutional investors and hedge funds.
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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