Russell Investments Group Ltd. Sells 198,444 Shares of Sun Communities, Inc. $SUI

Key Points

• Russell Investments reduced its Sun Communities stake by 21.4% in the third quarter, selling 198,444 shares; it retained 728,605 shares, valued at about $80.7 million.
• Sun Communities reported quarterly EPS of $2.35, beating the $2.30 analyst consensus, while revenue of $558.2 million fell short of the $563.6 million estimate.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $135.65; the company’s quarterly dividend equates to an annualized yield of 3.8% at the article’s cited share price.

Russell Investments Group Ltd. cut its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 21.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 728,605 shares of the real estate investment trust's stock after selling 198,444 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.61% of Sun Communities worth $80,716,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SUI. Gibbs Wealth Management boosted its position 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 worth $282,000 after acquiring an additional 90 shares during the last quarter. Capital Square LLC boosted its holdings in shares of Sun Communities by 1.8% in the 3rd quarter. Capital Square LLC now owns 7,898 shares of the real estate investment trust's stock valued at $875,000 after purchasing an additional 136 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Sun Communities by 0.3% in the 3rd quarter. Pictet Asset Management Holding SA now owns 50,099 shares of the real estate investment trust's stock valued at $5,550,000 after purchasing an additional 168 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Sun Communities by 5.3% during the 1st quarter. Empowered Funds LLC now owns 3,456 shares of the real estate investment trust's stock valued at $435,000 after buying an additional 175 shares during the period. Finally, Cetera Investment Advisers grew its stake in shares of Sun Communities by 1.9% during the 1st quarter. Cetera Investment Advisers now owns 10,629 shares of the real estate investment trust's stock valued at $1,339,000 after buying an additional 199 shares during the period. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Up 1.0%

Shares of Sun Communities stock traded up $1.19 during trading on Friday, reaching $118.60. The company had a trading volume of 645,892 shares, compared to its average volume of 1,346,583. The company has a market cap of $14.16 billion, a price-to-earnings ratio of -19.25, a price-to-earnings-growth ratio of 5.95 and a beta of 0.75. The firm's fifty day moving average is $115.43 and its 200-day moving average is $123.10. The company has a debt-to-equity ratio of 0.69, a quick ratio of 4.68 and a current ratio of 4.68. Sun Communities, Inc. has a fifty-two week low of $109.77 and a fifty-two week high of $137.85.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Monday, October 26th. The real estate investment trust reported $2.35 EPS for the quarter, topping analysts' consensus estimates of $2.30 by $0.05. The business had revenue of $558.20 million during the quarter, compared to the consensus estimate of $563.59 million. Sun Communities had a positive return on equity of 5.02% and a negative net margin of 36.00%. The company's revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the firm earned $2.28 earnings per share. On average, analysts anticipate that Sun Communities, Inc. will post 7.03 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $1.12 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. Sun Communities's dividend payout ratio (DPR) is presently -72.73%.

Wall Street Analyst Weigh In

Several research analysts recently commented on SUI shares. Truist Financial cut their price target on shares of Sun Communities from $136.00 to $129.00 and set a "buy" rating on the stock in a report on Tuesday, November 3rd. Barclays decreased their price objective on shares of Sun Communities from $147.00 to $143.00 and set an "overweight" rating for the company in a research note on Wednesday, October 14th. Citigroup reissued a "market outperform" rating on shares of Sun Communities in a research report on Tuesday, November 3rd. Weiss Ratings downgraded shares of Sun Communities from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, November 4th. Finally, Morgan Stanley cut their target price on shares of Sun Communities from $135.00 to $126.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $135.65.

About Sun Communities

Sun Communities, Inc. is a real estate investment trust that owns and operates manufactured housing communities, recreational vehicle (RV) communities and resorts, and marinas. Its properties serve long-term residents as well as vacationers and boaters, with offerings that include home sites, RV accommodations, boat slips and related amenities. Founded in 1975, the company has expanded beyond its original manufactured housing business through acquisitions and development. Its portfolio spans the United States, Canada and the United Kingdom.

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