Sun Communities Inc (SUI) is Adams Asset Advisors LLC’s 4th Largest Position
Adams Asset Advisors LLC cut its holdings in Sun Communities Inc (NYSE:SUI) by 12.7% in the first quarter, HoldingsChannel reports. The firm owned 95,655 shares of the real estate investment trust’s stock after selling 13,942 shares during the period. Sun Communities accounts for approximately 1.5% of Adams Asset Advisors LLC’s portfolio, making the stock its 4th biggest holding. Adams Asset Advisors LLC’s holdings in Sun Communities were worth $11,337,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the stock. Virginia National Bank bought a new stake in Sun Communities in the first quarter worth $214,000. State of Alaska Department of Revenue lifted its position in Sun Communities by 0.7% during the 1st quarter. State of Alaska Department of Revenue now owns 36,837 shares of the real estate investment trust’s stock worth $4,364,000 after acquiring an additional 245 shares during the last quarter. First Hawaiian Bank lifted its position in Sun Communities by 0.9% during the 1st quarter. First Hawaiian Bank now owns 10,690 shares of the real estate investment trust’s stock worth $1,267,000 after acquiring an additional 100 shares during the last quarter. Deutsche Bank AG lifted its position in Sun Communities by 67.8% during the 4th quarter. Deutsche Bank AG now owns 186,502 shares of the real estate investment trust’s stock worth $18,967,000 after acquiring an additional 75,325 shares during the last quarter. Finally, Norges Bank acquired a new position in Sun Communities during the 4th quarter worth $79,278,000. Hedge funds and other institutional investors own 94.36% of the company’s stock.
A number of research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Thursday, February 28th. Wells Fargo & Co lowered shares of Sun Communities from an “outperform” rating to a “market perform” rating and set a $118.00 target price for the company. in a research report on Tuesday, March 26th. Finally, Citigroup set a $110.00 target price on shares of Sun Communities and gave the stock a “hold” rating in a research report on Wednesday, December 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $110.17.
Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, February 20th. The real estate investment trust reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.92). The firm had revenue of $274.00 million for the quarter, compared to analyst estimates of $287.90 million. Sun Communities had a return on equity of 3.78% and a net margin of 9.87%. The firm’s revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 EPS. Analysts forecast that Sun Communities Inc will post 4.83 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.50%. This is a positive change from Sun Communities’s previous quarterly dividend of $0.71. Sun Communities’s dividend payout ratio is currently 65.50%.
In other news, Director Clunet R. Lewis sold 2,400 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $117.34, for a total transaction of $281,616.00. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at $2,346,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gary A. Shiffman sold 12,859 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $117.84, for a total transaction of $1,515,304.56. Following the transaction, the chief executive officer now directly owns 1,418,466 shares of the company’s stock, valued at approximately $167,152,033.44. The disclosure for this sale can be found here. Insiders have sold 16,912 shares of company stock valued at $1,985,363 in the last ninety days. 3.34% of the stock is owned by company insiders.
Sun Communities Company Profile
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.
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