Sun Communities, Inc. (NYSE:SUI) Short Interest Update

Sun Communities, Inc. (NYSE:SUI - Get Free Report) was the target of a significant growth in short interest in May. As of May 15th, there was short interest totalling 2,650,000 shares, a growth of 22.7% from the April 30th total of 2,160,000 shares. Based on an average daily volume of 824,600 shares, the days-to-cover ratio is presently 3.2 days. Currently, 2.1% of the company's stock are sold short.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Bank of America upped their price objective on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday, May 12th. JMP Securities reiterated a "market outperform" rating and set a $140.00 price objective on shares of Sun Communities in a report on Tuesday, May 20th. Wall Street Zen upgraded Sun Communities from a "sell" rating to a "hold" rating in a report on Saturday, May 31st. Truist Financial increased their price objective on Sun Communities from $135.00 to $137.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Barclays started coverage on Sun Communities in a research report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 target price on the stock. One 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 data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $139.09.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Opal Wealth Advisors LLC acquired a new position in Sun Communities during the 1st quarter valued at $29,000. Twin Tree Management LP bought a new position in shares of Sun Communities during the 1st quarter worth about $29,000. Ransom Advisory Ltd acquired a new position in shares of Sun Communities during the first quarter valued at about $31,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Sun Communities by 263.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 232 shares during the period. Finally, GKV Capital Management Co. Inc. acquired a new stake in Sun Communities during the first quarter worth about $42,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Performance

SUI stock traded up $0.23 during midday trading on Thursday, hitting $124.70. 853,038 shares of the company traded hands, compared to its average volume of 837,913. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The business has a 50 day simple moving average of $123.16 and a 200-day simple moving average of $125.48. The stock has a market capitalization of $15.92 billion, a price-to-earnings ratio of 67.04 and a beta of 0.86. Sun Communities has a twelve month low of $109.22 and a twelve month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. The firm had revenue of $470.20 million for the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business's quarterly revenue was up .2% on a year-over-year basis. During the same quarter last year, the firm posted $1.19 EPS. As a group, equities research analysts predict that Sun Communities will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $1.04 per share. The ex-dividend date of this dividend is Monday, June 30th. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.34%. Sun Communities's payout ratio is 606.45%.

About Sun Communities

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.