Sun Communities Inc (SUI) Shares Sold by Manning & Napier Group LLC
Manning & Napier Group LLC reduced its position in Sun Communities Inc (NYSE:SUI) by 4.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 80,040 shares of the real estate investment trust’s stock after selling 4,080 shares during the period. Manning & Napier Group LLC’s holdings in Sun Communities were worth $8,125,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Qube Research & Technologies Ltd purchased a new stake in shares of Sun Communities in the second quarter worth about $137,000. Ostrum Asset Management bought a new stake in Sun Communities during the first quarter worth approximately $147,000. Hartford Investment Management Co. bought a new stake in Sun Communities during the second quarter worth approximately $210,000. Alps Advisors Inc. bought a new stake in Sun Communities during the second quarter worth approximately $226,000. Finally, First Mercantile Trust Co. increased its stake in Sun Communities by 46.3% during the second quarter. First Mercantile Trust Co. now owns 2,400 shares of the real estate investment trust’s stock worth $235,000 after acquiring an additional 760 shares during the last quarter. Institutional investors own 93.00% of the company’s stock.
Several brokerages have weighed in on SUI. Robert W. Baird boosted their price objective on Sun Communities from $102.00 to $106.00 and gave the stock an “outperform” rating in a research note on Monday, September 17th. Zacks Investment Research cut Sun Communities from a “buy” rating to a “hold” rating in a research note on Thursday, September 13th. BMO Capital Markets boosted their price objective on Sun Communities to $109.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 11th. Royal Bank of Canada boosted their price objective on Sun Communities to $105.00 and gave the stock an “above average” rating in a research note on Thursday, August 30th. They noted that the move was a valuation call. Finally, Wells Fargo & Co boosted their price objective on Sun Communities from $103.00 to $108.00 and gave the stock an “outperform” rating in a research note on Friday, August 24th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Sun Communities currently has an average rating of “Buy” and an average target price of $103.86.
Shares of NYSE SUI opened at $95.60 on Friday. Sun Communities Inc has a 1-year low of $80.12 and a 1-year high of $103.74. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 22.93, a P/E/G ratio of 3.37 and a beta of 0.07.
Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, July 25th. The real estate investment trust reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.03). Sun Communities had a return on equity of 3.44% and a net margin of 8.91%. The company had revenue of $271.43 million for the quarter, compared to the consensus estimate of $235.02 million. During the same period in the previous year, the firm earned $0.96 earnings per share. The company’s revenue was up 14.1% compared to the same quarter last year. On average, equities analysts predict that Sun Communities Inc will post 4.6 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.97%. Sun Communities’s dividend payout ratio is 68.11%.
Sun Communities 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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