Advisor Group Holdings Inc. Makes New $2.56 Million Investment in Sun Communities Inc (NYSE:SUI)

Advisor Group Holdings Inc. purchased a new position in Sun Communities Inc (NYSE:SUI) in the 1st quarter, HoldingsChannel reports. The fund purchased 20,470 shares of the real estate investment trust’s stock, valued at approximately $2,555,000.

Other large investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its stake in shares of Sun Communities by 177.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 275 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 176 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Sun Communities during the first quarter worth $37,000. Wealthcare Advisory Partners LLC acquired a new position in Sun Communities in the first quarter valued at $39,000. Harvest Fund Management Co. Ltd boosted its stake in Sun Communities by 368.8% in the first quarter. Harvest Fund Management Co. Ltd now owns 361 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 284 shares in the last quarter. Finally, Synovus Financial Corp boosted its stake in Sun Communities by 598.4% in the first quarter. Synovus Financial Corp now owns 433 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 371 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Shares of NYSE:SUI opened at $135.99 on Tuesday. The company has a 50-day simple moving average of $136.96 and a 200-day simple moving average of $143.16. Sun Communities Inc has a one year low of $95.34 and a one year high of $173.98. The company has a debt-to-equity ratio of 1.01, a quick ratio of 5.76 and a current ratio of 5.76. The stock has a market capitalization of $12.54 billion, a price-to-earnings ratio of 110.56, a PEG ratio of 3.64 and a beta of 0.52.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, April 22nd. The real estate investment trust reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.37). Sun Communities had a net margin of 8.89% and a return on equity of 3.67%. The business had revenue of $310.30 million during the quarter, compared to analysts’ expectations of $294.10 million. During the same period in the previous year, the company posted $0.40 earnings per share. Sun Communities’s quarterly revenue was up 8.0% on a year-over-year basis. As a group, research analysts forecast that Sun Communities Inc will post 4.99 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.79 per share. The ex-dividend date is Monday, June 29th. This represents a $3.16 annualized dividend and a yield of 2.32%. Sun Communities’s dividend payout ratio is currently 64.23%.

In related news, Director Clunet R. Lewis sold 4,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $143.50, for a total transaction of $574,000.00. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $2,870,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.72% of the company’s stock.

Several equities analysts have issued reports on SUI shares. Zacks Investment Research upgraded shares of Sun Communities from a “sell” rating to a “hold” rating in a research note on Thursday, March 12th. Evercore ISI upgraded shares of Sun Communities from an “in-line” rating to an “outperform” rating in a research note on Monday, March 30th. Wells Fargo & Co decreased their price objective on shares of Sun Communities from $158.00 to $139.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Finally, Citigroup upped their price objective on shares of Sun Communities from $125.00 to $140.00 and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Sun Communities currently has an average rating of “Hold” and an average target price of $155.00.

Sun Communities Profile

Sun Communities, Inc is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.

Recommended Story: What are the economic characteristics of a bear market?

Want to see what other hedge funds are holding SUI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sun Communities Inc (NYSE:SUI).

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

Receive News & Ratings for Sun Communities Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sun Communities and related companies with MarketBeat.com's FREE daily email newsletter.