Raymond James & Associates lifted its stake in shares of Sun Communities (NYSE:SUI) by 2.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,487 shares of the real estate investment trust’s stock after purchasing an additional 610 shares during the quarter. Raymond James & Associates’ holdings in Sun Communities were worth $2,179,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Sun Communities by 0.6% during the fourth quarter. BlackRock Inc. now owns 5,646,104 shares of the real estate investment trust’s stock valued at $523,847,000 after purchasing an additional 34,356 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Sun Communities by 1.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 3,694,415 shares of the real estate investment trust’s stock worth $342,768,000 after acquiring an additional 61,270 shares in the last quarter. Bank of New York Mellon Corp raised its position in Sun Communities by 25.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,197,655 shares of the real estate investment trust’s stock worth $203,897,000 after acquiring an additional 452,380 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Sun Communities by 2.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,019,268 shares of the real estate investment trust’s stock worth $87,330,000 after acquiring an additional 25,291 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Sun Communities by 52.1% in the fourth quarter. Renaissance Technologies LLC now owns 857,200 shares of the real estate investment trust’s stock worth $79,531,000 after acquiring an additional 293,600 shares in the last quarter. Institutional investors and hedge funds own 94.64% of the company’s stock.
Several brokerages have commented on SUI. Zacks Investment Research upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research report on Thursday, April 5th. ValuEngine upgraded shares of Sun Communities from a “hold” rating to a “buy” rating in a research report on Thursday, March 15th. BMO Capital Markets set a $97.00 price target on shares of Sun Communities and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Robert W. Baird upgraded shares of Sun Communities from a “neutral” rating to an “outperform” rating in a research report on Wednesday, February 7th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Sun Communities presently has a consensus rating of “Buy” and an average target price of $94.67.
Shares of Sun Communities stock opened at $91.64 on Thursday. Sun Communities has a 52 week low of $80.12 and a 52 week high of $96.08. The stock has a market capitalization of $7,235.11, a price-to-earnings ratio of 21.98, a price-to-earnings-growth ratio of 3.17 and a beta of 0.11.
Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.98 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.98. The firm had revenue of $242.00 million for the quarter, compared to analysts’ expectations of $207.51 million. Sun Communities had a return on equity of 2.98% and a net margin of 8.01%. Sun Communities’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $0.91 EPS. equities analysts anticipate that Sun Communities will post 4.54 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $2.84 dividend on an annualized basis and a yield of 3.10%. This is a boost from Sun Communities’s previous quarterly dividend of $0.67. Sun Communities’s dividend payout ratio (DPR) is currently 68.11%.
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About Sun Communities
Sun Communities, Inc provides real estate management services. The company operates through the following segments: Real Property Operations and Home Sales & Rentals. The Real Property Operations segment owns, operates, and develops manufacture housing communities and recreational vehicle communities throughout the United States and is in the business of acquiring, operating, and expanding manufactured housing and recreational vehicle communities.
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