Vanguard Group Inc. Purchases 983,835 Shares of Sun Communities, Inc. (SUI)
Vanguard Group Inc. lifted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 9.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,504,907 shares of the real estate investment trust’s stock after buying an additional 983,835 shares during the quarter. Vanguard Group Inc. owned approximately 14.56% of Sun Communities worth $1,008,865,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Thrivent Financial For Lutherans grew its holdings in shares of Sun Communities by 0.3% during the first quarter. Thrivent Financial For Lutherans now owns 60,971 shares of the real estate investment trust’s stock worth $4,898,000 after buying an additional 200 shares in the last quarter. UBS Group AG boosted its position in shares of Sun Communities by 29.5% in the first quarter. UBS Group AG now owns 66,239 shares of the real estate investment trust’s stock worth $5,322,000 after acquiring an additional 15,087 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Sun Communities by 17.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 621,487 shares of the real estate investment trust’s stock worth $54,499,000 after acquiring an additional 92,444 shares during the last quarter. Morgan Stanley boosted its position in shares of Sun Communities by 18.3% in the first quarter. Morgan Stanley now owns 170,543 shares of the real estate investment trust’s stock worth $13,699,000 after acquiring an additional 26,419 shares during the last quarter. Finally, Credit Suisse AG boosted its position in shares of Sun Communities by 4.6% in the first quarter. Credit Suisse AG now owns 425,958 shares of the real estate investment trust’s stock worth $34,218,000 after acquiring an additional 18,726 shares during the last quarter. Institutional investors and hedge funds own 94.31% of the company’s stock.
SUI has been the topic of several research analyst reports. BidaskClub cut shares of Sun Communities from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Zacks Investment Research raised shares of Sun Communities from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Friday, June 23rd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $92.00 price target on shares of Sun Communities in a research report on Sunday, July 16th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $95.00 price target on shares of Sun Communities in a research report on Friday, September 8th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $90.86.
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In other news, Director Clunet R. Lewis sold 5,292 shares of the firm’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $86.20, for a total value of $456,170.40. Following the completion of the sale, the director now directly owns 18,800 shares in the company, valued at $1,620,560. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO John Bandini Mclaren sold 5,400 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $88.43, for a total value of $477,522.00. Following the completion of the sale, the chief operating officer now owns 153,159 shares of the company’s stock, valued at $13,543,850.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,984 shares of company stock valued at $1,045,476. 4.15% of the stock is currently owned by corporate insiders.
Sun Communities, Inc. (NYSE:SUI) opened at 84.69 on Thursday. The stock’s 50 day moving average is $89.17 and its 200 day moving average is $86.12. The firm has a market cap of $6.69 billion, a P/E ratio of 121.16 and a beta of 0.29. Sun Communities, Inc. has a one year low of $69.90 and a one year high of $91.87.
Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.03). Sun Communities had a return on equity of 2.59% and a net margin of 6.82%. The company had revenue of $237.90 million for the quarter, compared to analyst estimates of $210.58 million. During the same quarter in the prior year, the company earned $0.85 earnings per share. The business’s revenue was up 24.7% compared to the same quarter last year. On average, equities research analysts expect that Sun Communities, Inc. will post $0.99 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a $0.67 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.11%. Sun Communities’s dividend payout ratio (DPR) is presently 382.86%.
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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