Geode Capital Management LLC boosted its holdings in Sun Communities Inc (NYSE:SUI) by 6.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 802,719 shares of the real estate investment trust’s stock after purchasing an additional 45,654 shares during the quarter. Geode Capital Management LLC owned about 1.01% of Sun Communities worth $74,476,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Lazard Asset Management LLC grew its holdings in Sun Communities by 3.7% in the fourth quarter. Lazard Asset Management LLC now owns 26,333 shares of the real estate investment trust’s stock worth $2,443,000 after purchasing an additional 943 shares during the period. Amalgamated Bank grew its holdings in Sun Communities by 6.2% in the fourth quarter. Amalgamated Bank now owns 14,717 shares of the real estate investment trust’s stock worth $1,365,000 after purchasing an additional 860 shares during the period. Martingale Asset Management L P grew its holdings in Sun Communities by 195.2% in the fourth quarter. Martingale Asset Management L P now owns 190,716 shares of the real estate investment trust’s stock worth $17,696,000 after purchasing an additional 126,103 shares during the period. American International Group Inc. purchased a new stake in Sun Communities in the fourth quarter worth about $149,000. Finally, Wetherby Asset Management Inc. purchased a new stake in Sun Communities in the fourth quarter worth about $242,000. Institutional investors and hedge funds own 94.78% of the company’s stock.
In related news, Director Clunet R. Lewis sold 2,200 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $87.84, for a total value of $193,248.00. Following the sale, the director now owns 19,400 shares in the company, valued at $1,704,096. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.15% of the company’s stock.
Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 21st. The real estate investment trust reported $0.98 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.98. Sun Communities had a net margin of 8.01% and a return on equity of 2.98%. The firm had revenue of $242.00 million for the quarter, compared to analysts’ expectations of $207.51 million. During the same quarter in the prior year, the company posted $0.91 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. analysts expect that Sun Communities Inc will post 4.54 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $2.84 annualized dividend and a yield of 3.21%. This is a boost from Sun Communities’s previous quarterly dividend of $0.67. Sun Communities’s dividend payout ratio (DPR) is currently 315.29%.
SUI has been the topic of a number of recent research reports. ValuEngine upgraded shares of Sun Communities from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Evercore ISI upgraded shares of Sun Communities from an “in-line” rating to an “outperform” rating and set a $86.00 price target on the stock in a report on Monday, December 4th. Robert W. Baird reiterated a “buy” rating and set a $100.00 price target on shares of Sun Communities in a report on Monday, December 11th. Zacks Investment Research upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a report on Wednesday, December 27th. Finally, BMO Capital Markets set a $97.00 price target on shares of Sun Communities and gave the company a “buy” rating in a report on Wednesday, February 21st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $95.00.
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Sun Communities Company Profile
Sun Communities, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV).
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