Sun Communities Inc (NYSE:SUI) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 1,240,000 shares, an increase of 38.4% from the August 30th total of 896,200 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average daily trading volume, of 517,300 shares, the days-to-cover ratio is presently 2.4 days.
A number of equities analysts recently commented on SUI shares. Wells Fargo & Co lifted their price objective on Sun Communities from $118.00 to $137.00 and gave the stock a “market perform” rating in a research report on Wednesday, September 18th. ValuEngine downgraded Sun Communities from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research downgraded Sun Communities from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $136.25.
NYSE:SUI traded up $0.49 on Monday, reaching $152.59. The company’s stock had a trading volume of 237,224 shares, compared to its average volume of 486,100. Sun Communities has a 12-month low of $95.08 and a 12-month high of $153.96. The firm has a market cap 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 stock has a 50 day moving average price of $148.82 and a 200 day moving average price of $133.29.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given 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 yield of 1.97%. Sun Communities’s dividend payout ratio is currently 65.50%.
In related news, CFO Karen Dearing sold 11,204 shares of Sun Communities stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $148.50, for a total transaction of $1,663,794.00. Following the transaction, the chief financial officer now owns 110,126 shares in the company, valued at $16,353,711. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 in the company, valued at approximately $4,302,550.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,871 shares of company stock worth $2,789,063. 3.34% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of SUI. Nuveen Asset Management LLC raised its position in Sun Communities by 557.4% in the second quarter. Nuveen Asset Management LLC now owns 2,170,073 shares of the real estate investment trust’s stock valued at $278,181,000 after purchasing an additional 1,839,980 shares during the period. APG Asset Management US Inc. purchased a new stake in Sun Communities in the second quarter valued at $78,006,000. BlackRock Inc. raised its position in Sun Communities by 6.3% in the second quarter. BlackRock Inc. now owns 7,433,229 shares of the real estate investment trust’s stock valued at $952,867,000 after purchasing an additional 438,673 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in Sun Communities by 648.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 400,386 shares of the real estate investment trust’s stock valued at $51,325,000 after purchasing an additional 346,911 shares during the period. Finally, Vanguard Group Inc. raised its position in Sun Communities by 2.6% in the second 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 purchasing an additional 317,684 shares during the period. Institutional investors own 92.84% of the company’s stock.
Sun Communities Company Profile
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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