Envestnet Asset Management Inc. lifted its holdings in shares of Sun Communities Inc (NYSE:SUI) by 13.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,285 shares of the real estate investment trust’s stock after purchasing an additional 3,522 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Sun Communities were worth $2,965,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Sun Communities by 2.2% in the second quarter. BlackRock Inc. now owns 5,954,583 shares of the real estate investment trust’s stock valued at $582,834,000 after purchasing an additional 129,507 shares during the last quarter. Principal Financial Group Inc. lifted its position in Sun Communities by 3.4% in the first 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 last quarter. Centersquare Investment Management LLC lifted its position in Sun Communities by 1.2% in the second quarter. Centersquare Investment Management LLC now owns 1,625,352 shares of the real estate investment trust’s stock valued at $159,090,000 after purchasing an additional 18,556 shares during the last quarter. Nuveen Asset Management LLC lifted its position in Sun Communities by 8.9% in the first quarter. Nuveen Asset Management LLC now owns 1,229,736 shares of the real estate investment trust’s stock valued at $112,361,000 after purchasing an additional 100,549 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Sun Communities by 2.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,167,828 shares of the real estate investment trust’s stock valued at $114,307,000 after purchasing an additional 26,938 shares during the last quarter. Institutional investors own 93.00% of the company’s stock.
In other Sun Communities news, Director Clunet R. Lewis sold 1,200 shares of the stock in a transaction dated 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 owns 19,400 shares of the company’s stock, valued at $1,939,030. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO John Bandini Mclaren sold 6,500 shares of the stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $96.16, for a total value of $625,040.00. Following the completion of the transaction, the chief operating officer now directly owns 162,294 shares in the company, valued at approximately $15,606,191.04. The disclosure for this sale can be found here. Corporate insiders own 3.69% of the company’s stock.
Shares of NYSE SUI traded up $0.21 during trading on Friday, reaching $99.77. The company had a trading volume of 961,273 shares, compared to its average volume of 413,197. Sun Communities Inc has a 12-month low of $80.12 and a 12-month high of $103.74. The stock has a market cap of $8.25 billion, a P/E ratio of 23.93, a P/E/G ratio of 3.37 and a beta of 0.07.
Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, July 25th. The real estate investment trust reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The company had revenue of $271.43 million during the quarter, compared to analysts’ expectations of $235.02 million. Sun Communities had a return on equity of 3.44% and a net margin of 8.91%. The company’s revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.96 earnings per share. As a group, equities research analysts expect that Sun Communities Inc will post 4.6 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Thursday, September 27th. Sun Communities’s payout ratio is currently 68.11%.
Several analysts have weighed in on SUI shares. Wells Fargo & Co boosted their price objective on Sun Communities from $103.00 to $108.00 and gave the company an “outperform” rating in a research report on Friday, August 24th. BMO Capital Markets boosted their target price on Sun Communities to $109.00 and gave the company an “outperform” rating in a research note on Tuesday, September 11th. ValuEngine raised Sun Communities from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Zacks Investment Research cut Sun Communities from a “buy” rating to a “hold” rating in a research note on Thursday, September 13th. Finally, Citigroup upped their price target on Sun Communities from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Monday, July 30th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $103.86.
Sun Communities Company Profile
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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