Westfield Capital Management Co. LP decreased its position in shares of Sun Communities Inc (NYSE:SUI) by 1.5% during the first quarter, Holdings Channel reports. The fund owned 295,125 shares of the real estate investment trust’s stock after selling 4,515 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Sun Communities were worth $34,978,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of SUI. TCW Group Inc. acquired a new position in shares of Sun Communities during the first quarter valued at about $8,949,000. Alphasimplex Group LLC acquired a new position in shares of Sun Communities during the first quarter valued at about $404,000. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Sun Communities by 99.1% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 363,332 shares of the real estate investment trust’s stock valued at $43,062,000 after acquiring an additional 180,858 shares in the last quarter. Phocas Financial Corp. increased its holdings in shares of Sun Communities by 64.1% during the first quarter. Phocas Financial Corp. now owns 16,411 shares of the real estate investment trust’s stock valued at $1,945,000 after acquiring an additional 6,409 shares in the last quarter. Finally, State of Tennessee Treasury Department increased its holdings in shares of Sun Communities by 100.0% during the first quarter. State of Tennessee Treasury Department now owns 50,000 shares of the real estate investment trust’s stock valued at $5,926,000 after acquiring an additional 25,000 shares in the last quarter. Institutional investors and hedge funds own 88.80% of the company’s stock.
In related news, Director Clunet R. Lewis sold 2,400 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $117.34, for a total value of $281,616.00. Following the transaction, the director now owns 20,000 shares in the company, valued at approximately $2,346,800. The sale was disclosed in a filing with the SEC, which is available through this link. 3.34% of the stock is currently owned by corporate insiders.
NYSE:SUI traded up $0.17 during midday trading on Friday, hitting $129.28. The company’s stock had a trading volume of 7,132 shares, compared to its average volume of 821,543. Sun Communities Inc has a fifty-two week low of $94.63 and a fifty-two week high of $130.53. The company has a market cap of $11.69 billion, a PE ratio of 28.34, a price-to-earnings-growth ratio of 6.64 and a beta of 0.28.
Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.06. Sun Communities had a net margin of 10.00% and a return on equity of 3.76%. The company had revenue of $287.33 million for the quarter, compared to the consensus estimate of $279.54 million. During the same quarter in the prior year, the company earned $1.14 EPS. Sun Communities’s quarterly revenue was up 11.4% on a year-over-year basis. On average, research analysts anticipate that Sun Communities Inc will post 4.86 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.75 dividend. The ex-dividend date is Thursday, June 27th. This represents a $3.00 annualized dividend and a yield of 2.32%. Sun Communities’s dividend payout ratio (DPR) is presently 65.50%.
Several equities analysts have recently issued reports on the stock. Wells Fargo & Co downgraded shares of Sun Communities from an “outperform” rating to a “market perform” rating and set a $118.00 price objective on the stock. in a report on Tuesday, March 26th. Zacks Investment Research upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $141.00 price objective on the stock in a report on Thursday, May 30th. Finally, BMO Capital Markets upped their price objective on shares of Sun Communities to $132.00 and gave the company an “outperform” rating in a report on Monday, June 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $118.67.
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About Sun Communities
Sun Communities, Inc is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.
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