State of New Jersey Common Pension Fund D Increases Position in Sun Communities, Inc. (NYSE:SUI)
State of New Jersey Common Pension Fund D raised its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 250,300 shares of the real estate investment trust’s stock after buying an additional 2,300 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.34% of Sun Communities worth $21,949,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in SUI. Thrivent Financial For Lutherans increased its position in Sun Communities by 0.3% in the first quarter. Thrivent Financial For Lutherans now owns 60,971 shares of the real estate investment trust’s stock valued at $4,898,000 after buying an additional 200 shares during the period. Comerica Bank acquired a new position in Sun Communities during the fourth quarter valued at approximately $241,000. UBS Group AG increased its position in Sun Communities by 29.5% in the first quarter. UBS Group AG now owns 66,239 shares of the real estate investment trust’s stock valued at $5,322,000 after buying an additional 15,087 shares during the period. Metropolitan Life Insurance Co. NY increased its position in Sun Communities by 8.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,561 shares of the real estate investment trust’s stock valued at $426,000 after buying an additional 435 shares during the period. Finally, Pacer Advisors Inc. increased its position in Sun Communities by 16.7% in the first quarter. Pacer Advisors Inc. now owns 11,996 shares of the real estate investment trust’s stock valued at $964,000 after buying an additional 1,719 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.
Shares of Sun Communities, Inc. (NYSE:SUI) opened at 88.43 on Monday. The firm’s 50-day moving average is $88.61 and its 200-day moving average is $83.89. Sun Communities, Inc. has a 52 week low of $69.90 and a 52 week high of $91.37. The firm has a market capitalization of $6.99 billion, a P/E ratio of 126.51 and a beta of 0.28.
Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.03. The company had revenue of $237.90 million for the quarter, compared to analysts’ expectations of $210.58 million. Sun Communities had a net margin of 6.82% and a return on equity of 2.59%. The firm’s quarterly revenue was up 24.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.85 EPS. Equities analysts anticipate that Sun Communities, Inc. will post $0.99 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Wednesday, June 28th. Sun Communities’s payout ratio is presently 382.86%.
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SUI has been the topic of several research reports. Zacks Investment Research downgraded shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. Bank of America Corporation upgraded shares of Sun Communities from an “underperform” rating to a “buy” rating and set a $93.00 price target on the stock in a research note on Monday, May 22nd. Royal Bank Of Canada initiated coverage on shares of Sun Communities in a research note on Thursday, June 1st. They issued an “outperform” rating and a $92.00 price target on the stock. Finally, BidaskClub downgraded shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Sun Communities currently has an average rating of “Hold” and an average target price of $90.17.
In other Sun Communities news, COO John Bandini Mclaren sold 5,400 shares of Sun Communities stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $88.43, for a total transaction of $477,522.00. Following the completion of the transaction, the chief operating officer now owns 153,159 shares of the company’s stock, valued at approximately $13,543,850.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.15% of the stock is owned by insiders.
Sun Communities Company Profile
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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