Manning & Napier Advisors LLC acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI) during the third quarter, Holdings Channel reports. The firm acquired 61,860 shares of the real estate investment trust’s stock, valued at approximately $4,853,000. Manning & Napier Advisors LLC owned approximately 0.09% of Sun Communities at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in SUI. Centerbridge Partners L.P. purchased a new stake in shares of Sun Communities during the second quarter valued at $255,202,000. Shinko Asset Management Co. Ltd. raised its position in Sun Communities by 162.5% in the third quarter. Shinko Asset Management Co. Ltd. now owns 983,056 shares of the real estate investment trust’s stock valued at $77,150,000 after buying an additional 608,518 shares during the period. Vanguard Group Inc. raised its position in Sun Communities by 5.6% in the second quarter. Vanguard Group Inc. now owns 8,933,185 shares of the real estate investment trust’s stock valued at $684,640,000 after buying an additional 475,765 shares during the period. Security Capital Research & Management Inc. bought a new position in Sun Communities during the second quarter valued at approximately $34,689,000. Finally, Cbre Clarion Securities LLC raised its position in Sun Communities by 16.6% in the second quarter. Cbre Clarion Securities LLC now owns 3,172,591 shares of the real estate investment trust’s stock valued at $243,147,000 after buying an additional 451,175 shares during the period. 98.26% of the stock is owned by hedge funds and other institutional investors.
Shares of Sun Communities, Inc. (NYSE:SUI) traded up 0.64% during trading on Wednesday, hitting $78.32. The stock had a trading volume of 39,804 shares. The stock’s 50-day moving average price is $75.05 and its 200 day moving average price is $76.26. Sun Communities, Inc. has a one year low of $62.58 and a one year high of $85.98. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 45.53 and a beta of 0.42.
Sun Communities (NYSE:SUI) last released its earnings results on Tuesday, November 1st. The real estate investment trust reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Sun Communities had a net margin of 16.21% and a return on equity of 6.38%. The business earned $249.70 million during the quarter, compared to analysts’ expectations of $146.83 million. During the same quarter last year, the company earned $1.05 earnings per share. The firm’s revenue was up 34.7% on a year-over-year basis. On average, equities analysts forecast that Sun Communities, Inc. will post $0.50 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 20th. Investors of record on Saturday, December 31st will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Wednesday, December 28th. Sun Communities’s payout ratio is presently 140.54%.
Several equities analysts have recently commented on the company. Evercore ISI assumed coverage on Sun Communities in a report on Friday, October 14th. They set a “buy” rating and a $85.00 target price for the company. Zacks Investment Research lowered Sun Communities from a “buy” rating to a “hold” rating in a report on Tuesday, January 10th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $82.00 target price on shares of Sun Communities in a report on Thursday, January 12th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Sun Communities has an average rating of “Buy” and a consensus target price of $81.40.
In related news, EVP Jonathan Colman sold 3,000 shares of the stock in a transaction dated Friday, December 23rd. The shares were sold at an average price of $75.00, for a total value of $225,000.00. Following the completion of the sale, the executive vice president now owns 37,206 shares in the company, valued at $2,790,450. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stephanie W. Bergeron sold 4,850 shares of the stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $70.63, for a total transaction of $342,555.50. Following the completion of the sale, the director now owns 16,000 shares of the company’s stock, valued at approximately $1,130,080. The disclosure for this sale can be found here. 5.14% of the stock is currently owned by corporate insiders.
About Sun Communities
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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