Adams Asset Advisors LLC Sells 2,974 Shares of Sun Communities, Inc. (SUI)
Adams Asset Advisors LLC cut its stake in Sun Communities, Inc. (NYSE:SUI) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 129,982 shares of the real estate investment trust’s stock after selling 2,974 shares during the period. Sun Communities comprises about 1.7% of Adams Asset Advisors LLC’s portfolio, making the stock its 2nd largest position. Adams Asset Advisors LLC owned about 0.18% of Sun Communities worth $11,398,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Norris Perne & French LLP MI acquired a new stake in Sun Communities during the first quarter worth about $201,000. Laurion Capital Management LP acquired a new stake in Sun Communities during the first quarter worth about $201,000. PNC Financial Services Group Inc. raised its stake in Sun Communities by 18.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,067 shares of the real estate investment trust’s stock worth $247,000 after buying an additional 469 shares during the last quarter. Comerica Bank acquired a new stake in Sun Communities during the fourth quarter worth about $241,000. Finally, Douglas Lane & Associates LLC acquired a new stake in Sun Communities during the first quarter worth about $249,000. 88.40% of the stock is owned by institutional investors and hedge funds.
Shares of Sun Communities, Inc. (NYSE:SUI) opened at 88.13 on Tuesday. The stock has a market cap of $6.96 billion, a PE ratio of 126.08 and a beta of 0.28. The firm has a 50-day moving average price of $88.61 and a 200 day moving average price of $83.89. Sun Communities, Inc. has a 12-month low of $69.90 and a 12-month high of $91.37.
Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by $0.03. The business had revenue of $237.90 million for the quarter, compared to analyst estimates of $210.58 million. Sun Communities had a net margin of 6.82% and a return on equity of 2.59%. The firm’s quarterly revenue was up 24.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.85 earnings per share. Equities research analysts predict that Sun Communities, Inc. will post $0.99 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.04%. The ex-dividend date was Wednesday, June 28th. Sun Communities’s payout ratio is currently 382.86%.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Sun Communities from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. BidaskClub raised shares of Sun Communities from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 20th. Finally, Royal Bank Of Canada assumed coverage on Sun Communities in a research report on Thursday, June 1st. They issued an “outperform” rating and a $92.00 price target for the company. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $90.17.
In other Sun Communities news, COO John Bandini Mclaren sold 5,400 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $88.43, for a total value of $477,522.00. Following the transaction, the chief operating officer now directly owns 153,159 shares of the company’s stock, valued at approximately $13,543,850.37. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.15% of the company’s stock.
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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