Cornerstone Advisors Inc. grew its stake in shares of Sun Communities Inc (NYSE:SUI) by 31.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 456 shares of the real estate investment trust’s stock after purchasing an additional 108 shares during the period. Cornerstone Advisors Inc.’s holdings in Sun Communities were worth $62,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Gradient Investments LLC acquired a new position in Sun Communities in the 2nd quarter valued at about $27,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Sun Communities by 177.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 275 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 176 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Sun Communities during the 1st quarter worth about $37,000. Wealthcare Advisory Partners LLC purchased a new stake in shares of Sun Communities during the 1st quarter worth about $39,000. Finally, Harvest Fund Management Co. Ltd boosted its holdings in Sun Communities by 368.8% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 361 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 284 shares during the period. Institutional investors and hedge funds own 91.42% of the company’s stock.

Shares of Sun Communities stock opened at $149.93 on Friday. Sun Communities Inc has a 1 year low of $95.34 and a 1 year high of $173.98. The stock has a 50-day moving average price of $139.60 and a 200 day moving average price of $141.40. The company has a current ratio of 5.39, a quick ratio of 5.39 and a debt-to-equity ratio of 0.75. The company has a market cap of $14.51 billion, a P/E ratio of 30.14, a P/E/G ratio of 4.46 and a beta of 0.52.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.57). Sun Communities had a return on equity of 3.93% and a net margin of 10.37%. The firm had revenue of $303.27 million for the quarter, compared to analysts’ expectations of $311.24 million. On average, equities analysts forecast that Sun Communities Inc will post 4.93 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend was Monday, June 29th. Sun Communities’s dividend payout ratio (DPR) is presently 64.23%.

In other news, Director Clunet R. Lewis sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $144.50, for a total transaction of $578,000.00. Following the completion of the sale, the director now directly owns 28,800 shares of the company’s stock, valued at approximately $4,161,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.72% of the stock is owned by company insiders.

A number of equities analysts have weighed in on the company. Royal Bank of Canada upped their price target on Sun Communities from $147.00 to $151.00 and gave the stock an “outperform” rating in a report on Tuesday. Citigroup upped their price target on Sun Communities from $140.00 to $150.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Zacks Investment Research cut Sun Communities from a “buy” rating to a “hold” rating in a research note on Wednesday. TheStreet upgraded Sun Communities from a “c+” rating to a “b-” rating in a research note on Friday, July 24th. Finally, Wells Fargo & Co dropped their price target on Sun Communities from $158.00 to $139.00 and set an “equal weight” rating on the stock in a research report on Friday, May 1st. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $153.20.

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

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