Sun Communities, Inc. $SUI Holdings Lowered by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors cut its Sun Communities stake by 89.3% in the third quarter, selling 22,053 shares and retaining 2,638 shares worth approximately $295,000. Institutional investors collectively own 99.59% of SUI.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $137.05, although several firms recently lowered their targets.
• Sun Communities reported quarterly EPS of $2.35, beating estimates of $2.30, while revenue reached $558.2 million. The company also declared a quarterly dividend of $1.12 per share, representing a 4.0% annualized yield.

Nisa Investment Advisors LLC lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 89.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,638 shares of the real estate investment trust's stock after selling 22,053 shares during the quarter. Nisa Investment Advisors LLC's holdings in Sun Communities were worth $295,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Sun Communities in the second quarter worth $1,649,715,000. Dimensional Fund Advisors LP boosted its stake in Sun Communities by 2.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,812,301 shares of the real estate investment trust's stock valued at $228,280,000 after acquiring an additional 51,588 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Sun Communities by 2.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,536,249 shares of the real estate investment trust's stock valued at $184,212,000 after acquiring an additional 31,497 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Sun Communities during the 2nd quarter valued at $156,841,000. Finally, Legal & General Group Plc acquired a new position in Sun Communities during the 2nd quarter worth $122,737,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SUI shares. Royal Bank Of Canada dropped their target price on shares of Sun Communities from $148.00 to $140.00 and set an "outperform" rating for the company in a research report on Tuesday, October 13th. Odeon Capital Group set a $135.00 price target on shares of Sun Communities in a research report on Thursday, July 9th. Wells Fargo & Company decreased their price target on Sun Communities from $141.00 to $136.00 and set an "overweight" rating for the company in a research note on Monday, October 19th. Truist Financial lowered their price objective on Sun Communities from $138.00 to $136.00 and set a "buy" rating for the company in a report on Friday, September 11th. Finally, UBS Group restated a "neutral" rating on shares of Sun Communities in a research note on Tuesday. Two equities 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's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.05.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $112.31 on Friday. The company has a quick ratio of 2.52, a current ratio of 4.68 and a debt-to-equity ratio of 0.69. Sun Communities, Inc. has a fifty-two week low of $109.77 and a fifty-two week high of $137.85. The firm has a 50-day simple moving average of $116.34 and a 200 day simple moving average of $123.53. The company has a market cap of $13.41 billion, a PE ratio of -18.23, a P/E/G ratio of 4.72 and a beta of 0.76.

Sun Communities (NYSE:SUI - Get Free Report) last issued its earnings results on Monday, October 26th. The real estate investment trust reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.30 by $0.05. Sun Communities had a negative net margin of 36.00% and a positive return on equity of 5.02%. The firm had revenue of $558.20 million for the quarter, compared to analysts' expectations of $563.59 million. During the same quarter last year, the company posted $2.28 earnings per share. Sun Communities's revenue was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that Sun Communities, Inc. will post 7.01 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Wednesday, September 30th. Sun Communities's dividend payout ratio is presently -72.73%.

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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