Northern Trust Corp decreased its stake in Sun Communities Inc (NYSE:SUI) by 2.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 730,781 shares of the real estate investment trust’s stock after selling 20,664 shares during the quarter. Northern Trust Corp’s holdings in Sun Communities were worth $86,611,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc boosted its position in shares of Sun Communities by 5.4% in the 3rd quarter. Vanguard Group Inc now owns 11,641,879 shares of the real estate investment trust’s stock valued at $1,182,116,000 after purchasing an additional 600,622 shares during the period. BlackRock Inc. boosted its position in shares of Sun Communities by 2.7% in the 1st quarter. BlackRock Inc. now owns 6,994,556 shares of the real estate investment trust’s stock valued at $828,995,000 after purchasing an additional 184,083 shares during the period. Principal Financial Group Inc. boosted its position in shares of Sun Communities by 9.0% in the 1st quarter. Principal Financial Group Inc. now owns 2,981,926 shares of the real estate investment trust’s stock valued at $353,418,000 after purchasing an additional 246,452 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Sun Communities by 3.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 2,533,293 shares of the real estate investment trust’s stock valued at $300,245,000 after purchasing an additional 84,675 shares during the period. Finally, Centersquare Investment Management LLC boosted its position in shares of Sun Communities by 8.0% in the 1st quarter. Centersquare Investment Management LLC now owns 1,783,705 shares of the real estate investment trust’s stock valued at $211,405,000 after purchasing an additional 131,382 shares during the period. Institutional investors and hedge funds own 88.80% of the company’s stock.
In other Sun Communities news, Director Clunet R. Lewis sold 2,400 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $117.34, for a total transaction of $281,616.00. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at approximately $2,346,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.34% of the company’s stock.
Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.06. Sun Communities had a return on equity of 3.76% and a net margin of 10.00%. The firm had revenue of $287.33 million during the quarter, compared to analyst estimates of $279.54 million. During the same period last year, the company posted $1.14 EPS. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. Equities analysts predict that Sun Communities Inc will post 4.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $3.00 dividend on an annualized basis and a yield of 2.32%. Sun Communities’s payout ratio is presently 65.50%.
A number of research firms recently weighed in on SUI. Wells Fargo & Co lowered Sun Communities from an “outperform” rating to a “market perform” rating and set a $118.00 price target for the company. in a research report on Tuesday, March 26th. BMO Capital Markets increased their price target on Sun Communities to $132.00 and gave the company an “outperform” rating in a research report on Monday, June 3rd. Finally, Zacks Investment Research upgraded Sun Communities from a “hold” rating to a “buy” rating and set a $141.00 price target for the company in a research report on Thursday, May 30th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Sun Communities presently has an average rating of “Hold” and a consensus target price of $118.67.
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Sun Communities Company Profile
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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