Duff & Phelps Investment Management Co. raised its position in Sun Communities, Inc. (NYSE:SUI) by 23.0% during the second quarter, Holdings Channel reports. The fund owned 755,555 shares of the real estate investment trust’s stock after buying an additional 141,500 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Sun Communities were worth $66,255,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Sun Communities by 1.2% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 10,321 shares of the real estate investment trust’s stock worth $829,000 after buying an additional 122 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Sun Communities during the first quarter worth about $7,631,000. KAMES CAPITAL plc acquired a new stake in shares of Sun Communities during the first quarter worth about $1,342,000. State of New Jersey Common Pension Fund D increased its stake in shares of Sun Communities by 2.1% in the first quarter. State of New Jersey Common Pension Fund D now owns 248,000 shares of the real estate investment trust’s stock worth $19,922,000 after buying an additional 5,000 shares during the last quarter. Finally, Glen Harbor Capital Management LLC acquired a new stake in shares of Sun Communities during the first quarter worth about $514,000. 88.40% of the stock is owned by hedge funds and other institutional investors.
Sun Communities, Inc. (SUI) opened at 87.65 on Friday. The firm has a 50-day moving average price of $88.19 and a 200 day moving average price of $84.28. 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 $6.92 billion, a P/E ratio of 125.39 and a beta of 0.28.
Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.03. The firm had revenue of $237.90 million for the quarter, compared to analyst estimates of $210.58 million. Sun Communities had a return on equity of 2.59% and a net margin of 6.82%. The business’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.85 earnings per share. Analysts forecast that Sun Communities, Inc. will post $0.99 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a dividend of $0.67 per share. The ex-dividend date was Wednesday, June 28th. This represents a $2.68 annualized dividend and a yield of 3.06%. Sun Communities’s dividend payout ratio is presently 382.86%.
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A number of analysts recently issued reports on the company. BidaskClub raised Sun Communities from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 20th. Zacks Investment Research raised Sun Communities from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a research report on Saturday, June 17th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $92.00 price objective on shares of Sun Communities in a research report on Sunday, July 16th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $90.17.
In other Sun Communities news, COO John Bandini Mclaren sold 5,400 shares of the company’s 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 sale, the chief operating officer now directly owns 153,159 shares in the company, valued at $13,543,850.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.15% of the company’s stock.
About Sun Communities
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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