AMP Capital Investors Ltd cut its stake in Sun Communities Inc (NYSE:SUI) by 32.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 517,358 shares of the real estate investment trust’s stock after selling 250,376 shares during the period. AMP Capital Investors Ltd owned approximately 0.65% of Sun Communities worth $44,328,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in SUI. US Bancorp DE increased its stake in shares of Sun Communities by 105.2% in the 2nd quarter. US Bancorp DE now owns 1,473 shares of the real estate investment trust’s stock valued at $129,000 after purchasing an additional 755 shares during the last quarter. Whitnell & Co. bought a new position in shares of Sun Communities in the 3rd quarter valued at $139,000. Public Employees Retirement Association of Colorado increased its stake in shares of Sun Communities by 6.3% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 2,255 shares of the real estate investment trust’s stock valued at $198,000 after purchasing an additional 133 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Sun Communities by 8.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,299 shares of the real estate investment trust’s stock valued at $202,000 after purchasing an additional 178 shares during the last quarter. Finally, Raymond James Trust N.A. bought a new position in shares of Sun Communities in the 2nd quarter valued at $224,000. 93.58% of the stock is owned by hedge funds and other institutional investors.
SUI has been the topic of several recent analyst reports. BMO Capital Markets initiated coverage on Sun Communities in a research note on Monday, October 9th. They issued an “outperform” rating and a $96.00 price target on the stock. Zacks Investment Research upgraded Sun Communities from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a research report on Wednesday. ValuEngine upgraded Sun Communities from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Evercore ISI upgraded Sun Communities from an “in-line” rating to an “outperform” rating and set a $86.00 price target on the stock in a research report on Monday, December 4th. Finally, Royal Bank of Canada upped their price target on Sun Communities from $95.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $94.29.
Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.79. The company had revenue of $268.20 million for the quarter, compared to the consensus estimate of $239.45 million. Sun Communities had a return on equity of 2.76% and a net margin of 7.37%. During the same period in the previous year, the business earned $1.13 EPS. equities analysts expect that Sun Communities Inc will post 4.16 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Thursday, December 28th. Sun Communities’s dividend payout ratio is 362.16%.
In other news, EVP Jonathan Colman sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $93.21, for a total value of $186,420.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.15% of the stock is owned by insiders.
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About Sun Communities
Sun Communities, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV).
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