Sun Communities Inc. (SUI) Shares Bought by Shinko Asset Management Co. Ltd.
Shinko Asset Management Co. Ltd. boosted its stake in shares of Sun Communities Inc. (NYSE:SUI) by 14,305.3% during the second quarter, Holdings Channel reports. The firm owned 374,538 shares of the real estate investment trust’s stock after buying an additional 371,938 shares during the period. Shinko Asset Management Co. Ltd.’s holdings in Sun Communities were worth $28,705,000 as of its most recent filing with the SEC.
A number of other large investors have also recently bought and sold shares of SUI. Quadrature Capital Ltd purchased a new stake in Sun Communities during the first quarter valued at approximately $208,000. BlackRock Japan Co. Ltd raised its stake in Sun Communities by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 3,078 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 24 shares during the period. Fox Run Management L.L.C. purchased a new stake in Sun Communities during the second quarter valued at approximately $322,000. Squarepoint Ops LLC purchased a new stake in Sun Communities during the first quarter valued at approximately $308,000. Finally, Telemus Capital LLC purchased a new stake in Sun Communities during the first quarter valued at approximately $358,000. Hedge funds and other institutional investors own 94.64% of the company’s stock.
Shares of Sun Communities Inc. (NYSE:SUI) traded up 0.38% during midday trading on Friday, hitting $77.23. 817,711 shares of the stock traded hands. The company’s 50-day moving average is $77.51 and its 200 day moving average is $72.70. The firm has a market capitalization of $5.30 billion, a PE ratio of 38.54 and a beta of 0.60. Sun Communities Inc. has a 52 week low of $61.65 and a 52 week high of $85.98.
Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.85 EPS for the quarter, topping the consensus estimate of $0.82 by $0.03. Sun Communities had a net margin of 19.60% and a return on equity of 8.30%. The business had revenue of $140 million for the quarter, compared to analyst estimates of $165.78 million. During the same quarter in the previous year, the firm posted $0.87 earnings per share. Sun Communities’s quarterly revenue was up 15.0% on a year-over-year basis. Analysts anticipate that Sun Communities Inc. will post $3.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Wednesday, September 28th. Sun Communities’s payout ratio is currently 122.64%.
Several brokerages have recently issued reports on SUI. Zacks Investment Research upgraded shares of Sun Communities from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a research note on Wednesday, July 27th. TheStreet lowered shares of Sun Communities from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. BMO Capital Markets upgraded shares of Sun Communities from a “market perform” rating to an “outperform” rating in a research note on Friday. Finally, Citigroup Inc. raised their price target on shares of Sun Communities from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Sun Communities presently has an average rating of “Buy” and a consensus price target of $82.33.
In related news, CEO Gary A. Shiffman sold 18,642 shares of the business’s stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $75.67, for a total transaction of $1,410,640.14. Following the sale, the chief executive officer now owns 1,326,790 shares of the company’s stock, valued at $100,398,199.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary A. Shiffman sold 21,570 shares of the business’s stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $75.71, for a total transaction of $1,633,064.70. Following the sale, the chief executive officer now directly owns 1,348,460 shares in the company, valued at approximately $102,091,906.60. The disclosure for this sale can be found here. Corporate insiders own 5.14% of the company’s stock.
Sun Communities Company Profile
Sun Communities, Inc (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities.
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