Bank of New York Mellon Corp trimmed its position in shares of Sun Communities Inc (NYSE:SUI) by 2.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 621,308 shares of the real estate investment trust’s stock after selling 13,695 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.77% of Sun Communities worth $60,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Qube Research & Technologies Ltd acquired a new stake in shares of Sun Communities during the 2nd quarter valued at about $137,000. Hartford Investment Management Co. bought a new position in shares of Sun Communities in the 2nd quarter valued at approximately $210,000. Alps Advisors Inc. bought a new position in shares of Sun Communities in the 2nd quarter valued at approximately $226,000. First Mercantile Trust Co. raised its stake in shares of Sun Communities by 46.3% in the 2nd quarter. First Mercantile Trust Co. now owns 2,400 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 760 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new position in shares of Sun Communities in the 2nd quarter valued at approximately $296,000. Institutional investors and hedge funds own 87.41% of the company’s stock.

Shares of SUI stock opened at $100.49 on Friday. Sun Communities Inc has a twelve month low of $80.12 and a twelve month high of $103.85. The company has a market capitalization of $8.86 billion, a P/E ratio of 24.10, a P/E/G ratio of 3.43 and a beta of 0.08.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, October 24th. The real estate investment trust reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.07. Sun Communities had a return on equity of 3.95% and a net margin of 10.16%. The business had revenue of $323.54 million for the quarter, compared to the consensus estimate of $292.22 million. On average, research analysts predict that Sun Communities Inc will post 4.59 earnings per share for the current fiscal year.

SUI has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Sun Communities from a “buy” rating to a “hold” rating in a research note on Thursday, September 13th. Wells Fargo & Co raised their price objective on Sun Communities from $103.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, August 24th. Royal Bank of Canada raised their price objective on Sun Communities to $105.00 and gave the company an “above average” rating in a research note on Thursday, August 30th. They noted that the move was a valuation call. Robert W. Baird raised their price objective on Sun Communities from $102.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, September 17th. Finally, Citigroup raised their price objective on Sun Communities from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Monday, July 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $104.57.

In other Sun Communities news, Director Clunet R. Lewis sold 1,200 shares of Sun Communities stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $99.95, for a total value of $119,940.00. Following the transaction, the director now directly owns 19,400 shares of the company’s stock, valued at approximately $1,939,030. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 3.69% of the company’s stock.

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Sun Communities Profile

Sun Communities, Inc is a REIT that, as of September 30, 2018, owned, operated, or had an interest in a portfolio of 370 communities comprising over 127,000 developed sites in 31 states and Ontario, Canada.

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Institutional Ownership by Quarter for Sun Communities (NYSE:SUI)

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