Sun Communities Inc. (SUI) Short Interest Update
Sun Communities Inc. (NYSE:SUI) saw a significant decline in short interest in October. As of October 31st, there was short interest totalling 1,277,756 shares, a decline of 42.8% from the October 14th total of 2,232,261 shares. Based on an average daily trading volume, of 355,287 shares, the short-interest ratio is currently 3.6 days. Currently, 2.2% of the shares of the company are short sold.
Shares of Sun Communities (NYSE:SUI) opened at 71.70 on Thursday. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of 41.69 and a beta of 0.47. Sun Communities has a 12 month low of $62.58 and a 12 month high of $85.98. The stock has a 50 day moving average of $76.43 and a 200 day moving average of $75.19.
Sun Communities (NYSE:SUI) last released its earnings results on Tuesday, November 1st. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Sun Communities had a net margin of 16.21% and a return on equity of 6.38%. The business had revenue of $249.70 million for the quarter, compared to analysts’ expectations of $146.83 million. During the same period last year, the company earned $1.05 earnings per share. The company’s quarterly revenue was up 34.7% on a year-over-year basis. On average, equities research analysts expect that Sun Communities will post $3.78 EPS for the current fiscal year.
A number of research firms have weighed in on SUI. Evercore ISI began coverage on shares of Sun Communities in a report on Friday, October 14th. They issued a “buy” rating and a $85.00 price objective for the company. Zacks Investment Research raised shares of Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a report on Wednesday, July 27th. Citigroup Inc. raised shares of Sun Communities from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $80.00 to $86.00 in a report on Monday, September 12th. TheStreet cut shares of Sun Communities from a “buy” rating to a “hold” rating in a report on Friday, August 26th. Finally, BMO Capital Markets raised shares of Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 price objective for the company in a report on Friday, September 16th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Sun Communities presently has a consensus rating of “Buy” and an average target price of $82.00.
Several large investors have recently added to or reduced their stakes in SUI. Vanguard Group Inc. boosted its stake in Sun Communities by 5.6% in the second quarter. Vanguard Group Inc. now owns 8,933,185 shares of the real estate investment trust’s stock valued at $684,640,000 after buying an additional 475,765 shares in the last quarter. Cohen & Steers Inc. boosted its stake in Sun Communities by 5.4% in the second quarter. Cohen & Steers Inc. now owns 8,639,821 shares of the real estate investment trust’s stock valued at $662,156,000 after buying an additional 443,535 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Sun Communities by 10.4% in the third quarter. Daiwa Securities Group Inc. now owns 3,470,648 shares of the real estate investment trust’s stock valued at $272,376,000 after buying an additional 327,096 shares in the last quarter. Centerbridge Partners L.P. bought a new stake in Sun Communities during the second quarter valued at about $255,202,000. Finally, Cbre Clarion Securities LLC boosted its stake in Sun Communities by 16.6% in the second quarter. Cbre Clarion Securities LLC now owns 3,172,591 shares of the real estate investment trust’s stock valued at $243,147,000 after buying an additional 451,175 shares in the last quarter. 91.78% of the stock is currently owned by institutional investors and hedge funds.
About Sun Communities
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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