PGGM Investments grew its position in shares of Sun Communities Inc (NYSE:SUI) by 21.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,664,576 shares of the real estate investment trust’s stock after buying an additional 294,093 shares during the quarter. Sun Communities comprises about 1.4% of PGGM Investments’ investment portfolio, making the stock its 17th largest position. PGGM Investments’ holdings in Sun Communities were worth $249,853,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. CWM LLC lifted its holdings in Sun Communities by 45.0% during the 3rd quarter. CWM LLC now owns 245 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 76 shares during the last quarter. Cornerstone Advisors Inc. raised its position in shares of Sun Communities by 28.3% during the 3rd quarter. Cornerstone Advisors Inc. now owns 317 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 70 shares during the period. Price Capital Management Inc. acquired a new stake in shares of Sun Communities during the 3rd quarter worth approximately $59,000. Squar Milner Financial Services LLC raised its position in shares of Sun Communities by 59.1% during the 3rd quarter. Squar Milner Financial Services LLC now owns 479 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 178 shares during the period. Finally, Bartlett & Co. LLC raised its position in shares of Sun Communities by 17.7% during the 3rd quarter. Bartlett & Co. LLC now owns 765 shares of the real estate investment trust’s stock worth $114,000 after purchasing an additional 115 shares during the period. 92.54% of the stock is currently owned by institutional investors.
In related news, CEO Gary A. Shiffman sold 115,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $159.00, for a total value of $18,285,000.00. Also, Director Brian M. Hermelin bought 1,010 shares of the stock in a transaction that occurred on Thursday, December 19th. The stock was acquired at an average price of $148.48 per share, for a total transaction of $149,964.80. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $2,227,200. The disclosure for this purchase can be found here. 3.34% of the stock is owned by company insiders.
Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.05). Sun Communities had a return on equity of 4.25% and a net margin of 11.62%. The company had revenue of $362.44 million for the quarter, compared to analyst estimates of $321.14 million. During the same quarter in the previous year, the company posted $1.35 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Research analysts forecast that Sun Communities Inc will post 4.89 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Monday, December 30th. Sun Communities’s dividend payout ratio is currently 65.50%.
A number of brokerages have recently weighed in on SUI. ValuEngine cut Sun Communities from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research cut Sun Communities from a “buy” rating to a “hold” rating in a research report on Tuesday, December 31st.
About Sun Communities
Sun Communities, Inc is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.
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