Asset Management One Co. Ltd. Acquires 18,093 Shares of Sun Communities, Inc. $SUI

Key Points

• Asset Management One increased its Sun Communities stake by 8% in the third quarter, adding 18,093 shares to hold 244,735 shares valued at approximately $27.1 million. Institutional investors collectively own 99.59% of the REIT.
• Sun Communities reported quarterly EPS of $2.35, exceeding analyst expectations of $2.30, while revenue reached $558.2 million, slightly below estimates. The company’s revenue grew 0.4% year over year.
• The company pays a quarterly dividend of $1.12, equivalent to a 4.0% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $137.05, compared with a recent share price of $112.31.

Asset Management One Co. Ltd. boosted its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 244,735 shares of the real estate investment trust's stock after acquiring an additional 18,093 shares during the quarter. Asset Management One Co. Ltd. owned 0.20% of Sun Communities worth $27,112,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Abundance Wealth Counselors acquired a new position in Sun Communities during the 3rd quarter valued at about $1,088,000. Gibbs Wealth Management lifted its holdings in shares of Sun Communities by 3.7% in the third quarter. Gibbs Wealth Management now owns 2,547 shares of the real estate investment trust's stock valued at $282,000 after purchasing an additional 90 shares in the last quarter. Lantern Wealth Advisors LLC lifted its holdings in shares of Sun Communities by 16.0% in the third quarter. Lantern Wealth Advisors LLC now owns 2,900 shares of the real estate investment trust's stock valued at $321,000 after purchasing an additional 400 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new position in shares of Sun Communities in the third quarter valued at approximately $362,000. Finally, Inspire Investing LLC boosted its position in shares of Sun Communities by 5.6% during the third quarter. Inspire Investing LLC now owns 25,501 shares of the real estate investment trust's stock valued at $2,825,000 after buying an additional 1,342 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Stock Performance

NYSE SUI opened at $112.31 on Friday. Sun Communities, Inc. has a 52-week low of $109.77 and a 52-week high of $137.85. The company has a 50-day simple moving average of $116.34 and a 200 day simple moving average of $123.53. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.52 and a current ratio of 4.68. The company has a market capitalization of $13.41 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 4.72 and a beta of 0.76.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data on Monday, October 26th. The real estate investment trust reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.05. Sun Communities had a positive return on equity of 5.02% and a negative net margin of 36.00%. The business had revenue of $558.20 million during the quarter, compared to analyst estimates of $563.59 million. During the same period in the prior year, the company earned $2.28 earnings per share. Sun Communities's revenue was up .4% compared to the same quarter last year. On average, research analysts predict that Sun Communities, Inc. will post 7.01 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $1.12 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $4.48 annualized dividend and a dividend yield of 4.0%. Sun Communities's dividend payout ratio (DPR) is presently -72.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Mizuho lowered their price target on Sun Communities from $137.00 to $136.00 and set an "outperform" rating for the company in a research report on Monday, September 21st. UBS Group reaffirmed a "neutral" rating on shares of Sun Communities in a report on Tuesday. Truist Financial cut their price objective on shares of Sun Communities from $138.00 to $136.00 and set a "buy" rating on the stock in a report on Friday, September 11th. Bank of America upgraded shares of Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 target price for the company in a research note on Thursday, August 27th. Finally, Morgan Stanley lowered their target price on shares of Sun Communities from $135.00 to $126.00 and set an "equal weight" rating for the company in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $137.05.

Sun Communities Profile

Sun Communities, Inc NYSE: SUI is a real estate investment trust that owns, operates and develops manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company provides residential sites for manufactured homes, seasonal and long-term RV accommodations, and marina facilities that include boat slips and related storage services.

Sun Communities also offers vacation accommodations and amenities such as swimming pools, clubhouses, recreational facilities and community services.

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