Hsbc Holdings PLC Trims Stake in Sun Communities Inc (SUI)

Hsbc Holdings PLC trimmed its stake in shares of Sun Communities Inc (NYSE:SUI) by 31.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,946 shares of the real estate investment trust’s stock after selling 26,649 shares during the period. Hsbc Holdings PLC owned about 0.07% of Sun Communities worth $5,782,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SUI. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Sun Communities by 7.8% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 82,241 shares of the real estate investment trust’s stock worth $8,050,000 after buying an additional 5,963 shares during the period. Wells Fargo & Company MN grew its position in shares of Sun Communities by 2.7% during the 2nd quarter. Wells Fargo & Company MN now owns 528,825 shares of the real estate investment trust’s stock worth $51,762,000 after buying an additional 13,961 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Sun Communities during the 2nd quarter worth approximately $1,126,000. Alps Advisors Inc. acquired a new stake in shares of Sun Communities during the 2nd quarter worth approximately $226,000. Finally, Boston Partners acquired a new stake in shares of Sun Communities during the 2nd quarter worth approximately $2,055,000. Institutional investors own 93.31% of the company’s stock.

In related news, Director Clunet R. Lewis sold 1,200 shares of the stock in a transaction on Friday, September 28th. The stock was sold at an average price of $99.95, for a total value of $119,940.00. Following the transaction, the director now directly owns 19,400 shares in the company, valued at approximately $1,939,030. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO John Bandini Mclaren sold 2,400 shares of the stock in a transaction on Friday, November 30th. The stock was sold at an average price of $103.42, for a total value of $248,208.00. Following the completion of the transaction, the chief operating officer now owns 152,624 shares in the company, valued at $15,784,374.08. The disclosure for this sale can be found here. 3.69% of the stock is owned by company insiders.

Shares of SUI opened at $108.32 on Friday. Sun Communities Inc has a 12-month low of $80.12 and a 12-month high of $108.73. The firm has a market capitalization of $9.07 billion, a P/E ratio of 25.98, a PEG ratio of 3.46 and a beta of 0.13.

Sun Communities (NYSE:SUI) last issued its earnings results on Wednesday, October 24th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.07. Sun Communities had a return on equity of 3.95% and a net margin of 10.16%. The company had revenue of $323.54 million for the quarter, compared to analysts’ expectations of $292.22 million. On average, analysts predict that Sun Communities Inc will post 4.59 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Friday, December 28th. Sun Communities’s dividend payout ratio is currently 68.11%.

Several analysts have recently commented on SUI shares. Royal Bank of Canada raised their price objective on shares of Sun Communities to $105.00 and gave the stock an “above average” rating in a research report on Thursday, August 30th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Sun Communities from a “hold” rating to a “buy” rating and set a $113.00 price objective for the company in a research report on Friday, September 7th. Citigroup raised their price objective on shares of Sun Communities from $100.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, October 29th. BMO Capital Markets raised their price objective on shares of Sun Communities to $109.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 11th. Finally, Wells Fargo & Co raised their price objective on shares of Sun Communities from $103.00 to $108.00 and gave the stock an “outperform” rating in a research report on Friday, August 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $107.67.

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About Sun Communities

Sun Communities, Inc is a REIT that, as of September 30, 2018, owned, operated, or had an interest in a portfolio of 370 communities comprising over 127,000 developed sites in 31 states and Ontario, Canada.

Further Reading: What does earnings per share mean?

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Institutional Ownership by Quarter for Sun Communities (NYSE:SUI)

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