First Trust Advisors LP Boosts Stake in Sun Communities, Inc. (SUI)
First Trust Advisors LP boosted its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 96.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,423 shares of the real estate investment trust’s stock after buying an additional 20,337 shares during the quarter. First Trust Advisors LP owned about 0.05% of Sun Communities worth $3,549,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of SUI. Bank of New York Mellon Corp increased its position in Sun Communities by 303.3% during the second quarter. Bank of New York Mellon Corp now owns 1,532,663 shares of the real estate investment trust’s stock worth $134,399,000 after buying an additional 1,152,596 shares during the last quarter. Vanguard Group Inc. increased its position in Sun Communities by 9.4% during the second quarter. Vanguard Group Inc. now owns 11,504,907 shares of the real estate investment trust’s stock worth $1,008,865,000 after buying an additional 983,835 shares during the last quarter. Janus Henderson Group PLC acquired a new position in Sun Communities during the second quarter worth $70,725,000. Renaissance Technologies LLC increased its position in Sun Communities by 305.2% during the second quarter. Renaissance Technologies LLC now owns 676,700 shares of the real estate investment trust’s stock worth $59,340,000 after buying an additional 509,700 shares during the last quarter. Finally, BlackRock Inc. increased its position in Sun Communities by 9.7% during the second quarter. BlackRock Inc. now owns 5,132,844 shares of the real estate investment trust’s stock worth $450,100,000 after buying an additional 454,187 shares during the last quarter. 92.21% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Jonathan Colman sold 3,000 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $85.44, for a total value of $256,320.00. Following the completion of the sale, the executive vice president now owns 33,985 shares in the company, valued at $2,903,678.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Clunet R. Lewis sold 5,292 shares of the stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $86.20, for a total transaction of $456,170.40. Following the completion of the sale, the director now owns 18,800 shares of the company’s stock, valued at approximately $1,620,560. The disclosure for this sale can be found here. Insiders have sold 11,584 shares of company stock valued at $1,010,694 over the last 90 days. Corporate insiders own 4.15% of the company’s stock.
Sun Communities (NYSE:SUI) last released its quarterly earnings results on Monday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.79. Sun Communities had a net margin of 7.37% and a return on equity of 2.76%. The company had revenue of $268.20 million during the quarter, compared to analysts’ expectations of $239.45 million. During the same period in the prior year, the company earned $1.13 earnings per share. equities analysts forecast that Sun Communities, Inc. will post 4.16 EPS for the current fiscal year.
Several research firms have commented on SUI. ValuEngine raised shares of Sun Communities from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Robert W. Baird reissued a “buy” rating and set a $95.00 target price on shares of Sun Communities in a research report on Friday, September 8th. Zacks Investment Research raised shares of Sun Communities from a “sell” rating to a “hold” rating in a research report on Thursday, November 2nd. Royal Bank Of Canada increased their target price on shares of Sun Communities from $95.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, October 26th. Finally, BMO Capital Markets reissued a “buy” rating and set a $96.00 target price on shares of Sun Communities in a research report on Monday, October 23rd. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $92.29.
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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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