Envestnet Asset Management Inc. increased its stake in shares of Sun Communities, Inc. (NYSE: SUI – Get Rating) by 5.4% in the first quarter, Holdings Channel reports. The institutional investor held 151,666 shares of the real estate investment trust after purchasing an additional 7,750 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Sun Communities were worth $26,586,000 when it last filed with the SEC.
A number of other hedge funds also changed their positions in the stock. BlackRock Inc. increased its position in Sun Communities shares by 8.7% during the fourth quarter. BlackRock Inc. now owns 10,530,070 shares of the real estate investment trust worth $2,210,997,000 after purchasing an additional 845,015 shares in the last quarter. State Street Corp increased its position in Sun Communities shares by 7.1% during the fourth quarter. State Street Corp now owns 5,055,923 shares of the real estate investment trust worth $1,065,724,000 after buying an additional 336,953 shares last quarter. JPMorgan Chase & Co. increased its position in Sun Communities shares by 4.8% during the fourth quarter. JPMorgan Chase & Co. now owns 4,884,479 shares of the real estate investment trust worth $1,025,594,000 after buying 223,492 additional shares last quarter. Principal Financial Group Inc. increased its position in Sun Communities shares by 1.0% during the fourth quarter. Principal Financial Group Inc. now owns 4,263,848 shares of the real estate investment trust worth $893,738,000 after purchasing an additional 43,611 shares last quarter. Finally, Norges Bank acquired a new stake in shares of Sun Communities during the fourth quarter worth approximately $416,128,000.
Insider Buying and Selling at Sun Communities
Separately, director Clunet R. Lewis sold 4,400 shares of Sun Communities in a trade dated Wednesday, June 15. The shares were sold at an average price of $153.39, for a total transaction of $674,916.00. As a result of the sale, the administrator now directly owns 26,400 shares of the company, valued at $4,049,496. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. 2.25% of the shares are currently held by insiders of the company.
Sun Community Stock Performance
SUI stock opened at $162.60 on Tuesday. The company has a debt ratio of 0.89, a quick ratio of 2.24 and a current ratio of 2.24. The stock has a market capitalization of $20.05 billion, a price/earnings ratio of 59.56, a PEG ratio of 2.55 and a beta of 0.61. Sun Communities, Inc. has a 1 year minimum of $148.64 and a 1 year maximum of $211.79. The stock’s fifty-day moving average is $160.09 and its two-hundred-day moving average is $172.77.
Sun Communities (NYSE:SUI – Get Rating) last released its results on Monday, July 25. The REIT reported earnings per share (EPS) of $0.61 for the quarter, missing analyst consensus estimates of $0.80 per ($0.19). Sun Communities had a net margin of 12.33% and a return on equity of 4.42%. In the same period a year earlier, the company earned earnings per share of $1.80. On average, research analysts predict that Sun Communities, Inc. will post EPS of 7.26 for the current year.
Sun Communities Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 15. Shareholders of record on Thursday, June 30 received a dividend of $0.88. This represents a dividend of $3.52 on an annualized basis and a yield of 2.16%. The ex-dividend date was Wednesday, June 29. Sun Communities’ payout ratio is 128.94%.
A Wall Street analyst gives his opinion
SUI has been the subject of a number of recent analyst reports. Evercore ISI set a price target of $194.00 on Sun Communities shares in a Monday, June 20 research report. Barclays cut its price target on Sun Communities shares from $230.00 to $210.00 and set an “overweight” rating for the company in a Friday July 1 report. BMO Capital Markets lowered its price target on Sun Communities shares from $202.00 to $185.00 and set a “buy” rating for the company in a Friday, July 1 report. Truist Financial assumed coverage for Sun Communities stocks in a Tuesday, May 10, report. They issued a “buy” rating and a price target of $185.00 for the company. Finally, Wolfe Research assumed coverage of Sun Communities’ actions in a report on Friday, July 15. They issued a “peer performance” rating for the company. One research analyst has rated the stock with a sell rating, another has issued a hold rating and six have assigned the stock a buy rating. According to data from MarketBeat.com, Sun Communities currently has an average rating of “Moderate Buy” and an average target price of $203.75.
Sun Communities Company Profile
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Sun Communities, Inc. is a REIT that, as of March 31, 2022, owned, operated or had an interest in a portfolio of 603 developed MH, RV and marina properties comprising nearly 159,300 developed sites and over 45,700 wet locations and recreational areas. dry storage. in 39 states, Canada, Puerto Rico and the United Kingdom.
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