Spirit of America Management Corp NY boosted its position in shares of Sun Communities Inc (NYSE:SUI) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,920 shares of the real estate investment trust’s stock after acquiring an additional 920 shares during the period. Spirit of America Management Corp NY’s holdings in Sun Communities were worth $3,664,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in Sun Communities during the fourth quarter worth $79,278,000. Vanguard Group Inc lifted its stake in shares of Sun Communities by 5.4% in the third quarter. Vanguard Group Inc now owns 11,641,879 shares of the real estate investment trust’s stock worth $1,182,116,000 after buying an additional 600,622 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Sun Communities by 6.5% in the fourth quarter. BlackRock Inc. now owns 6,810,473 shares of the real estate investment trust’s stock worth $692,694,000 after buying an additional 416,425 shares in the last quarter. Nordea Investment Management AB purchased a new position in shares of Sun Communities in the third quarter worth about $26,813,000. Finally, Millennium Management LLC lifted its stake in shares of Sun Communities by 67.4% in the fourth quarter. Millennium Management LLC now owns 552,766 shares of the real estate investment trust’s stock worth $56,222,000 after buying an additional 222,530 shares in the last quarter. Hedge funds and other institutional investors own 94.36% of the company’s stock.
In related news, Director Arthur A. Weiss purchased 257,179 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was acquired at an average cost of $117.84 per share, for a total transaction of $30,305,973.36. Following the completion of the transaction, the director now directly owns 29,156 shares in the company, valued at $3,435,743.04. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gary A. Shiffman sold 12,859 shares of Sun Communities stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $117.84, for a total transaction of $1,515,304.56. Following the sale, the chief executive officer now owns 1,418,466 shares of the company’s stock, valued at $167,152,033.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,912 shares of company stock valued at $1,985,363. Company insiders own 3.34% of the company’s stock.
SUI has been the topic of several research reports. Zacks Investment Research downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. Wells Fargo & Co cut shares of Sun Communities from an “outperform” rating to a “market perform” rating and set a $118.00 price objective for the company. in a research report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Sun Communities has a consensus rating of “Hold” and an average price target of $110.17.
Shares of SUI traded down $0.46 during trading on Wednesday, reaching $116.10. 8,712 shares of the company traded hands, compared to its average volume of 329,556. Sun Communities Inc has a twelve month low of $90.32 and a twelve month high of $121.28. The stock has a market cap of $9.98 billion, a PE ratio of 25.20, a P/E/G ratio of 4.09 and a beta of 0.31.
Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, February 20th. The real estate investment trust reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.92). Sun Communities had a net margin of 9.87% and a return on equity of 3.78%. The company had revenue of $274.00 million for the quarter, compared to analyst estimates of $287.90 million. During the same quarter in the prior year, the business earned $0.98 earnings per share. Sun Communities’s revenue was up 13.2% on a year-over-year basis. Equities analysts forecast that Sun Communities Inc will post 4.83 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a dividend of $0.75 per share. The ex-dividend date was Thursday, March 28th. This is a boost from Sun Communities’s previous quarterly dividend of $0.71. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.58%. Sun Communities’s dividend payout ratio (DPR) is currently 65.50%.
About Sun Communities
Sun Communities, Inc is a REIT that, as of December 31, 2018, owned, operated, or had an interest in a portfolio of 371 communities comprising over 128,000 developed sites in 31 states and Ontario, Canada.
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