Legal & General Group Plc grew its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 17.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 231,342 shares of the real estate investment trust’s stock after acquiring an additional 33,570 shares during the quarter. Legal & General Group Plc owned 0.29% of Sun Communities worth $19,822,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Great West Life Assurance Co. Can raised its stake in Sun Communities by 10.6% during the third quarter. Great West Life Assurance Co. Can now owns 46,913 shares of the real estate investment trust’s stock worth $4,007,000 after acquiring an additional 4,513 shares in the last quarter. Pacer Advisors Inc. raised its stake in Sun Communities by 14.4% during the third quarter. Pacer Advisors Inc. now owns 16,550 shares of the real estate investment trust’s stock worth $1,418,000 after acquiring an additional 2,079 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Sun Communities by 3.2% during the third quarter. Ameriprise Financial Inc. now owns 240,117 shares of the real estate investment trust’s stock worth $20,580,000 after acquiring an additional 7,448 shares in the last quarter. SG Americas Securities LLC raised its stake in Sun Communities by 55.1% during the third quarter. SG Americas Securities LLC now owns 7,479 shares of the real estate investment trust’s stock worth $641,000 after acquiring an additional 2,657 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in Sun Communities by 17.5% during the third quarter. Advisors Asset Management Inc. now owns 29,198 shares of the real estate investment trust’s stock worth $2,502,000 after acquiring an additional 4,343 shares in the last quarter. 93.62% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Jonathan Colman sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $85.44, for a total value of $256,320.00. Following the sale, the executive vice president now directly owns 33,985 shares in the company, valued at $2,903,678.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clunet R. Lewis sold 5,292 shares of the company’s stock in a transaction that occurred on Tuesday, September 26th. The shares were 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 owns 18,800 shares in the company, valued at $1,620,560. The disclosure for this sale can be found here. Insiders sold 11,584 shares of company stock worth $1,010,694 over the last quarter. 4.15% of the stock is currently owned by company insiders.
Several research analysts have commented on SUI shares. BMO Capital Markets started coverage on Sun Communities in a research note on Monday, October 9th. They set an “outperform” rating and a $96.00 target price for the company. Zacks Investment Research upgraded Sun Communities from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a report on Friday, September 29th. ValuEngine upgraded Sun Communities from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Evercore ISI upgraded Sun Communities from an “in-line” rating to an “outperform” rating and set a $86.00 price target on the stock in a report on Monday, December 4th. Finally, Royal Bank Of Canada boosted their price target on Sun Communities from $95.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, October 26th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Sun Communities has a consensus rating of “Buy” and an average target price of $92.29.
Sun Communities, Inc. (NYSE SUI) traded up $0.45 during trading hours on Monday, hitting $95.60. The stock had a trading volume of 316,700 shares, compared to its average volume of 356,771. The company has a market capitalization of $7,585.15, a PE ratio of 23.32, a P/E/G ratio of 3.65 and a beta of 0.27. Sun Communities, Inc. has a 52 week low of $72.51 and a 52 week high of $95.81.
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 for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.79. The company had revenue of $268.20 million for the quarter, compared to analysts’ expectations of $239.45 million. Sun Communities had a return on equity of 2.76% and a net margin of 7.37%. During the same period in the previous year, the business posted $1.13 earnings per share. sell-side analysts forecast that Sun Communities, Inc. will post 4.16 earnings per share for the current year.
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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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