Sun Communities (SUI) Hits New 12-Month High at $107.72
Sun Communities Inc (NYSE:SUI) reached a new 52-week high during trading on Thursday . The company traded as high as $107.72 and last traded at $107.92, with a volume of 41675 shares traded. The stock had previously closed at $105.05.
A number of equities research analysts recently commented on the company. Zacks Investment Research downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Citigroup boosted their target price on Sun Communities from $100.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, October 29th. Robert W. Baird upped their price objective on Sun Communities from $102.00 to $106.00 and gave the company an “outperform” rating in a research report on Monday, September 17th. BMO Capital Markets upped their price objective on Sun Communities to $109.00 and gave the company an “outperform” rating in a research report on Tuesday, September 11th. Finally, Royal Bank of Canada upped their price objective on Sun Communities to $105.00 and gave the company an “above average” rating in a research report on Thursday, August 30th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $107.67.
The stock has a market cap of $9.35 billion, a PE ratio of 25.98, a P/E/G ratio of 3.57 and a beta of 0.13.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $2.84 dividend on an annualized basis and a yield of 2.62%. Sun Communities’s dividend payout ratio (DPR) is presently 68.11%.
In other news, Director Clunet R. Lewis sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $99.95, for a total transaction of $119,940.00. Following the transaction, the director now owns 19,400 shares of the company’s stock, valued at $1,939,030. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO John Bandini Mclaren sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $103.42, for a total value of $248,208.00. Following the transaction, the chief operating officer now directly owns 152,624 shares in the company, valued at approximately $15,784,374.08. The disclosure for this sale can be found here. Corporate insiders own 3.69% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SUI. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Sun Communities by 7.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 82,241 shares of the real estate investment trust’s stock valued at $8,050,000 after buying an additional 5,963 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Sun Communities by 2.7% during the second quarter. Wells Fargo & Company MN now owns 528,825 shares of the real estate investment trust’s stock valued at $51,762,000 after buying an additional 13,961 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Sun Communities during the second quarter valued at approximately $1,126,000. Alps Advisors Inc. bought a new position in shares of Sun Communities during the second quarter valued at approximately $226,000. Finally, Boston Partners bought a new position in shares of Sun Communities during the second quarter valued at approximately $2,055,000. 93.31% of the stock is currently owned by hedge funds and other institutional investors.
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About Sun Communities (NYSE:SUI)
Sun Communities, Inc is a REIT that, as of September 30, 2018, owned, operated, or had an interest in a portfolio of 370 communities comprising over 127,000 developed sites in 31 states and Ontario, Canada.
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