Los Angeles Capital Management & Equity Research Inc. Invests $518,000 in Sun Communities Inc. (SUI)
Los Angeles Capital Management & Equity Research Inc. bought a new position in Sun Communities Inc. (NYSE:SUI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,765 shares of the real estate investment trust’s stock, valued at approximately $518,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement Association of Colorado bought a new stake in shares of Sun Communities during the second quarter worth about $154,000. Quadrature Capital Ltd acquired a new stake in Sun Communities during the first quarter valued at $208,000. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in Sun Communities during the second quarter valued at $211,000. BlackRock Japan Co. Ltd raised its stake in Sun Communities by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 3,078 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 24 shares during the last quarter. Finally, Cadence Capital Management LLC acquired a new stake in Sun Communities during the second quarter valued at $221,000. 93.94% of the stock is currently owned by institutional investors and hedge funds.
Sun Communities Inc. (NYSE:SUI) traded up 1.28% during trading on Friday, hitting $80.66. 204,863 shares of the stock traded hands. The stock has a market cap of $5.54 billion, a PE ratio of 40.25 and a beta of 0.60. The company has a 50-day moving average price of $77.43 and a 200 day moving average price of $73.12. Sun Communities Inc. has a one year low of $61.65 and a one year high of $85.98.
Sun Communities (NYSE:SUI) last announced its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. The firm earned $140 million during the quarter, compared to analysts’ expectations of $165.78 million. Sun Communities had a return on equity of 8.30% and a net margin of 19.60%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.87 earnings per share. Analysts expect that Sun Communities Inc. will post $3.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a $0.65 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.60 annualized dividend and a dividend yield of 3.26%. Sun Communities’s dividend payout ratio is 122.64%.
Several analysts have weighed in on SUI shares. Citigroup Inc. boosted their target price on shares of Sun Communities from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 7th. Zacks Investment Research upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research note on Wednesday, July 27th. TheStreet lowered shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. Finally, BMO Capital Markets upgraded shares of Sun Communities from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research note on Friday, September 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $83.00.
In other news, Director Clunet R. Lewis sold 1,800 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $78.16, for a total value of $140,688.00. Following the completion of the sale, the director now directly owns 18,400 shares of the company’s stock, valued at $1,438,144. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gary A. Shiffman sold 21,570 shares of the stock in a transaction that occurred on Wednesday, June 29th. The shares were sold at an average price of $75.71, for a total value of $1,633,064.70. Following the completion of the sale, the chief executive officer now directly owns 1,348,460 shares of the company’s stock, valued at $102,091,906.60. The disclosure for this sale can be found here. 5.14% of the stock is owned by insiders.
Sun Communities Company Profile
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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