Sun Communities, Inc. $SUI Shares Bought by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group nearly doubled its Sun Communities position in the third quarter, adding 455,613 shares to own 912,359 shares valued at approximately $101.1 million. Institutional investors collectively hold 99.59% of SUI’s outstanding stock.
• Sun Communities reported quarterly EPS of $2.35, beating analyst expectations of $2.30, while revenue rose 0.4% year over year to $558.2 million but fell short of estimates.
• The REIT maintains a quarterly dividend of $1.12 per share, equivalent to an annualized $4.48 and a 3.8% yield. Analysts hold a consensus “Moderate Buy” rating with an average price target of $136.72, above the reported share price of $116.94.

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 99.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 912,359 shares of the real estate investment trust's stock after buying an additional 455,613 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.75% of Sun Communities worth $101,071,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SUI. CX Institutional grew its position in shares of Sun Communities by 1,076.7% during the third quarter. CX Institutional now owns 353 shares of the real estate investment trust's stock worth $39,000 after buying an additional 323 shares in the last quarter. Oslo Pensjonsforsikring AS acquired a new stake in Sun Communities in the first quarter valued at $49,000. Avalon Trust Co acquired a new stake in Sun Communities in the second quarter valued at $61,000. V Square Quantitative Management LLC raised its holdings in Sun Communities by 36.7% in the first quarter. V Square Quantitative Management LLC now owns 548 shares of the real estate investment trust's stock valued at $69,000 after acquiring an additional 147 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in Sun Communities during the 2nd quarter valued at $72,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Shares of NYSE SUI opened at $116.94 on Tuesday. Sun Communities, Inc. has a twelve month low of $109.77 and a twelve month high of $137.85. The company has a current ratio of 4.68, a quick ratio of 2.52 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $13.96 billion, a price-to-earnings ratio of -18.98, a price-to-earnings-growth ratio of 4.72 and a beta of 0.76. The business has a 50 day simple moving average of $116.07 and a 200-day simple moving average of $123.43.

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 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $563.59 million. During the same period in the prior year, the company posted $2.28 EPS. The business's revenue was up .4% compared to the same quarter last year. As a group, equities research analysts expect that Sun Communities, Inc. will post 7.01 earnings per share for the current year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, September 30th. Sun Communities's dividend payout ratio is -72.73%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Weiss Ratings raised shares of Sun Communities from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, October 23rd. Odeon Capital Group set a $135.00 target price on shares of Sun Communities in a research report on Thursday, July 9th. Royal Bank Of Canada cut their target price on shares of Sun Communities from $148.00 to $140.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 13th. Barclays reduced their price target on shares of Sun Communities from $147.00 to $143.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 14th. Finally, Bank of America upgraded Sun Communities from an "underperform" rating to a "neutral" rating and set a $140.00 price target for the company in a research note on Thursday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $136.72.

About Sun Communities

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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