Sun Communities, Inc. (NYSE:SUI - Get Free Report) Director Jeff Blau purchased 3,665 shares of Sun Communities stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the transaction, the director now owns 3,665 shares in the company, valued at $432,433.35. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Sun Communities Stock Up 0.3%
Shares of SUI traded up $0.38 on Thursday, reaching $125.80. The stock had a trading volume of 946,762 shares, compared to its average volume of 844,010. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The firm has a market capitalization of $16.06 billion, a price-to-earnings ratio of 67.63 and a beta of 0.86. The company has a 50-day simple moving average of $122.88 and a 200-day simple moving average of $125.43.
Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. The business had revenue of $470.20 million during the quarter, compared to analyst estimates of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company's revenue for the quarter was up .2% on a year-over-year basis. During the same quarter last year, the firm posted $1.19 earnings per share. Sell-side analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.
Sun Communities Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Monday, June 30th. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is 670.97%.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the stock. Truist Financial set a $137.00 price target on shares of Sun Communities and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Bank of America increased their target price on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. Jefferies Financial Group initiated coverage on Sun Communities in a report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price target on the stock. Royal Bank of Canada lowered their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $140.00 price objective on shares of Sun Communities in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Sun Communities presently has an average rating of "Hold" and a consensus price target of $139.09.
Get Our Latest Report on SUI
Hedge Funds Weigh In On Sun Communities
Institutional investors and hedge funds have recently made changes to their positions in the business. Nicola Wealth Management LTD. grew its stake in shares of Sun Communities by 26.5% in the 1st quarter. Nicola Wealth Management LTD. now owns 10,984 shares of the real estate investment trust's stock worth $1,413,000 after buying an additional 2,300 shares during the last quarter. First Hawaiian Bank grew its stake in shares of Sun Communities by 25.3% in the first quarter. First Hawaiian Bank now owns 28,125 shares of the real estate investment trust's stock worth $3,618,000 after acquiring an additional 5,685 shares during the last quarter. Inspire Investing LLC grew its stake in shares of Sun Communities by 5.7% in the first quarter. Inspire Investing LLC now owns 14,129 shares of the real estate investment trust's stock worth $1,818,000 after acquiring an additional 761 shares during the last quarter. Anson Funds Management LP increased its holdings in shares of Sun Communities by 67.9% during the first quarter. Anson Funds Management LP now owns 36,920 shares of the real estate investment trust's stock valued at $4,749,000 after acquiring an additional 14,930 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Sun Communities in the 1st quarter worth about $27,381,000. Institutional investors own 99.59% of the company's stock.
Sun Communities Company Profile
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Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.
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