Short Interest in Sun Communities Inc (NYSE:SUI) Declines By 15.3%

Sun Communities Inc (NYSE:SUI) saw a significant drop in short interest in September. As of September 15th, there was short interest totalling 1,110,000 shares, a drop of 15.3% from the August 31st total of 1,310,000 shares. Based on an average daily volume of 476,400 shares, the days-to-cover ratio is presently 2.3 days.

In other Sun Communities news, Director Clunet R. Lewis sold 4,000 shares of Sun Communities stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $144.50, for a total value of $578,000.00. Following the transaction, the director now owns 28,800 shares in the company, valued at $4,161,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.72% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. Cresset Asset Management LLC boosted its position in Sun Communities by 3.9% in the 2nd quarter. Cresset Asset Management LLC now owns 2,163 shares of the real estate investment trust’s stock worth $295,000 after purchasing an additional 81 shares in the last quarter. AIA Investment Management Private Ltd boosted its holdings in Sun Communities by 13.9% during the first quarter. AIA Investment Management Private Ltd now owns 827 shares of the real estate investment trust’s stock worth $103,000 after buying an additional 101 shares in the last quarter. Cornerstone Advisors Inc. grew its position in Sun Communities by 31.0% during the second quarter. Cornerstone Advisors Inc. now owns 456 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 108 shares during the period. World Asset Management Inc increased its holdings in Sun Communities by 5.2% in the second quarter. World Asset Management Inc now owns 2,381 shares of the real estate investment trust’s stock valued at $323,000 after buying an additional 117 shares in the last quarter. Finally, IBM Retirement Fund increased its holdings in Sun Communities by 3.6% in the second quarter. IBM Retirement Fund now owns 3,515 shares of the real estate investment trust’s stock valued at $477,000 after buying an additional 121 shares in the last quarter. Institutional investors own 93.28% of the company’s stock.

SUI traded up $8.22 during trading on Thursday, reaching $148.83. 3,122,408 shares of the company’s stock were exchanged, compared to its average volume of 641,363. The company has a debt-to-equity ratio of 0.75, a current ratio of 5.39 and a quick ratio of 5.39. Sun Communities has a 1 year low of $95.34 and a 1 year high of $173.98. The company’s fifty day simple moving average is $145.18 and its 200-day simple moving average is $136.51. The stock has a market capitalization of $14.63 billion, a P/E ratio of 107.85, a price-to-earnings-growth ratio of 4.28 and a beta of 0.47.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.57). The business had revenue of $303.27 million for the quarter, compared to analyst estimates of $311.24 million. Sun Communities had a net margin of 10.37% and a return on equity of 3.93%. Equities analysts forecast that Sun Communities will post 4.93 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.12%. Sun Communities’s payout ratio is 64.23%.

SUI has been the topic of a number of recent analyst reports. Berenberg Bank assumed coverage on Sun Communities in a research report on Thursday. They set a “buy” rating and a $170.00 price target on the stock. Zacks Investment Research cut Sun Communities from a “buy” rating to a “hold” rating in a research note on Wednesday, July 29th. Royal Bank of Canada boosted their price target on Sun Communities from $147.00 to $151.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 28th. TheStreet upgraded shares of Sun Communities from a “c+” rating to a “b-” rating in a research note on Friday, July 24th. Finally, BMO Capital Markets boosted their target price on shares of Sun Communities from $160.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Sun Communities presently has a consensus rating of “Buy” and a consensus target price of $157.29.

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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