Russell Investments Group Ltd. lessened its stake in shares of Sun Communities Inc (NYSE:SUI) by 11.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 312,651 shares of the real estate investment trust’s stock after selling 41,714 shares during the period. Russell Investments Group Ltd. owned about 0.38% of Sun Communities worth $31,571,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its stake in shares of Sun Communities by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 2,965,275 shares of the real estate investment trust’s stock valued at $270,938,000 after purchasing an additional 98,004 shares during the period. Royal Bank of Canada raised its position in Sun Communities by 12.4% during the first quarter. Royal Bank of Canada now owns 92,013 shares of the real estate investment trust’s stock worth $8,407,000 after acquiring an additional 10,171 shares during the period. Allianz Asset Management GmbH raised its position in Sun Communities by 82.2% during the first quarter. Allianz Asset Management GmbH now owns 547,789 shares of the real estate investment trust’s stock worth $50,051,000 after acquiring an additional 247,103 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Sun Communities during the first quarter worth $307,000. Finally, Brown Advisory Inc. acquired a new position in Sun Communities during the first quarter worth $384,000. Institutional investors and hedge funds own 92.77% of the company’s stock.
A number of research firms have weighed in on SUI. Zacks Investment Research cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Thursday. Citigroup upped their price objective on shares of Sun Communities from $100.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, October 29th. Robert W. Baird upped their price objective on shares of Sun Communities from $102.00 to $106.00 and gave the stock an “outperform” rating in a research report on Monday, September 17th. BMO Capital Markets upped their price objective on shares of Sun Communities to $109.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 11th. Finally, Royal Bank of Canada upped their price objective on shares of Sun Communities to $105.00 and gave the stock an “above average” rating in a research report on Thursday, August 30th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $104.57.
NYSE:SUI opened at $99.57 on Friday. The firm has a market cap of $8.68 billion, a price-to-earnings ratio of 22.13, a P/E/G ratio of 3.37 and a beta of 0.09. Sun Communities Inc has a fifty-two week low of $80.12 and a fifty-two week high of $103.74.
Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, October 24th. The real estate investment trust reported $0.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.07. The company had revenue of $323.54 million during the quarter, compared to analysts’ expectations of $292.22 million. Sun Communities had a net margin of 10.16% and a return on equity of 3.95%. Equities analysts predict that Sun Communities Inc will post 4.59 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date of this dividend was Thursday, September 27th. Sun Communities’s dividend payout ratio (DPR) is 68.11%.
In other news, Director Clunet R. Lewis sold 1,200 shares of the stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $99.95, for a total value of $119,940.00. Following the completion of the sale, the director now directly owns 19,400 shares in the company, valued at $1,939,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.69% of the stock is owned by corporate insiders.
About Sun Communities
Sun Communities, Inc is a REIT that, as of June 30, 2018, owned, operated, or had an interest in a portfolio of 367 communities comprising approximately 126,000 developed sites in 31 states and Ontario, Canada. For more information about Sun Communities, Inc, please visit www.suncommunities.com.
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