State Board of Administration of Florida Retirement System boosted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 3.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 101,791 shares of the real estate investment trust’s stock after purchasing an additional 3,160 shares during the period. State Board of Administration of Florida Retirement System owned about 0.13% of Sun Communities worth $8,721,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. US Bancorp DE lifted its holdings in Sun Communities by 105.2% during 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. Public Employees Retirement Association of Colorado increased its position in 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 acquiring an additional 133 shares in the last quarter. Moody Aldrich Partners LLC acquired a new stake in Sun Communities in the 2nd quarter valued at about $201,000. The Manufacturers Life Insurance Company increased its position in 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 acquiring an additional 178 shares in the last quarter. Finally, Nine Chapters Capital Management LLC acquired a new stake in Sun Communities in the 2nd quarter valued at about $202,000. 94.34% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Clunet R. Lewis sold 1,292 shares of Sun Communities stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $86.52, for a total transaction of $111,783.84. Following the transaction, the director now owns 18,800 shares of the company’s stock, valued at approximately $1,626,576. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jonathan Colman sold 3,000 shares of Sun Communities stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $85.44, for a total transaction of $256,320.00. Following the transaction, the executive vice president now directly owns 33,985 shares in the company, valued at approximately $2,903,678.40. The disclosure for this sale can be found here. Insiders have sold a total of 11,584 shares of company stock worth $1,010,694 in the last three months. 4.15% of the stock is owned by insiders.
Several equities research analysts have weighed in on SUI shares. BMO Capital Markets restated a “buy” rating and issued a $96.00 price objective on shares of Sun Communities in a research report on Monday, October 23rd. Royal Bank Of Canada restated a “buy” rating and issued a $92.00 price objective on shares of Sun Communities in a research report on Sunday, July 16th. Zacks Investment Research upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Friday, September 29th. Finally, Robert W. Baird restated a “buy” rating and issued a $95.00 price objective 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 company. Sun Communities currently has a consensus rating of “Buy” and a consensus target price of $92.29.
Shares of Sun Communities, Inc. (NYSE SUI) opened at $92.54 on Monday. Sun Communities, Inc. has a 1 year low of $69.90 and a 1 year high of $93.84. The company has a market cap of $7,342.36, a P/E ratio of 22.57, a PEG ratio of 3.53 and a beta of 0.28.
Sun Communities (NYSE:SUI) last released its quarterly earnings data on Monday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the 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 business had revenue of $268.20 million for the quarter, compared to analyst estimates of $239.45 million. During the same quarter last year, the firm earned $1.13 EPS. equities research analysts expect that Sun Communities, Inc. will post 4.16 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 2.90%. The ex-dividend date was Thursday, September 28th. Sun Communities’s payout ratio is 362.16%.
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Sun Communities Profile
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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