Cannon Global Investment Management LLC purchased a new position in the stock of Sun Communities, Inc. (NYSE: SUI – Get Rating) in the third quarter, according to the latest Form 13F filed with the Securities and Exchange Commission. Institutional investors purchased 38,600 shares of real estate investment trust stock worth approximately $5,224,000. Sun Communities holds an 8.4% stake in Cannon Global Investment Management LLC, making it his fourth largest position in the company.
→ New “vertical” technology solves major shortcomings of photovoltaics (From investment trends)
Several other hedge funds have also recently bought and sold shares in the business. PGGM Investments purchased approximately $134,497,000 worth of new positions in Sun Communities in the third quarter. Invesco Ltd. raised his stake in Sun Communities by 72.4% in the first quarter. Invesco Ltd. now owns 1,916,668 real estate investment trust shares valued at $335,973,000 after acquiring an additional 805,125 shares during the previous quarter. JPMorgan Chase & Co. raised his stake in Sun Communities by 14.6% in the second quarter. JPMorgan Chase & Company now owns 5,448,522 real estate investment trust shares worth $868,275,000 after acquiring an additional 694,563 shares during the previous quarter. State Street Corp increased its stake in Sun Communities by 11.7% in the first quarter. State Street Corp owns 5,647,271 real estate investment trust shares worth $994,744,000 after acquiring an additional 591,348 shares in the previous quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Sun Communities by 16.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,090,202 shares of the real estate investment trust worth $333,095,000 after acquiring an additional 294,585 shares in the previous quarter. 93.31% of the shares are owned by institutional investors and hedge funds.
Analyst upgrades and downgrades
Recently, many analysts have turned their attention to the SUI stock. Truist Financial raised its price target on Sun Communities stock to $163.00 from $147.00 and gave the company a Buy rating in its Wednesday, November 30 report. Barclays lowered its price target on Sun Communities shares from $210.00 to $185.00 in a research report on Friday 7 October, giving the stock an ‘overweight’ rating. JMP Securities lowered its price target for Sun Communities stock from $200.00 to $160.00 in a research report on Monday, October 17, giving the stock an “above market” rating. Robert W. Baird lowered his stock price target for Sun Communities from $175.00 to $169.00 in a research report on Friday, November 25th. Finally, Evercore ISI lowered its price target on Sun Communities stock to $156.00 in his Thursday, October 13 research report. One research analyst gave a sell rating, one gave a hold rating, and seven assigned a buy rating. According to MarketBeat data, the consensus rating for the stock is “moderate buy” with a consensus price target of $168.86.
Sun Community Price Performance
NYSE:SUI fell $0.12 on Wednesday to reach $149.32. The company traded 917 shares, compared with an average trading volume of 453,185 shares. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt to equity ratio of 0.83. Sun Communities, Inc. has a 52-week low of $117.63 and a 52-week high of $199.09. The company has a 50-day moving average of $143.20 and a 200-day moving average of $147.24. The stock has a market cap of $18.5 billion, a price/earnings ratio of 72.90, a PEG ratio of 2.30, and a beta of 0.64.
Sun Communities (NYSE:SUI – Get Rating) last released its quarterly earnings data on Monday, October 24th. The real estate investment trust reported earnings per share of $1.32 for the quarter, beating consensus expectations of $1.37 ($0.05). Sun Communities had a return on equity of 3.34% and a net profit margin of 8.81%. During the same quarter last year, the company earned his EPS of $2.11. On average, research analysts expect Sun Communities, Inc. to post his earnings per share of 7.28 this year.
Sun Communities Announces Dividend
The company recently announced its quarterly dividend, which was paid on Tuesday, January 17th. Shareholders of record on Friday, December 30 were paid a dividend of $0.88. This represents his $3.52 dividend and his 2.36% dividend yield on an annual basis. The ex-dividend date for this dividend was Thursday, December 29. Sun Communities has a Dividend Payout Ratio (DPR) of 171.71%.
Sun Community Profile
Sun Communities, Inc. owns a portfolio of 603 developed MH, RV and marina properties, including approximately 159,300 developed sites and over 45,700 wet slip and dry storage spaces, as of March 31, 2022. A REIT that you operate or have an interest in. In 39 provinces of Canada, Puerto Rico and the UK.
Want to know which other hedge funds hold SUI? Visit HoldingsChannel.com to get the latest Sun Communities, Inc. (NYSE: SUI – Get Rating) 13F filings and insider trading.
This instant news alert was generated by Narrative Science Technology and MarketBeat financial data to provide our readers with the fastest and most accurate reporting. This article was reviewed by MarketBeat’s editorial team prior to publication. Send any questions or comments about this story to firstname.lastname@example.org.
Listen to this before considering Sun Communities.
MarketBeat tracks Wall Street’s most acclaimed and top performing research analysts and the stocks they recommend to clients every day. MarketBeat identified five stocks top analysts quietly whispered to clients to buy now before the broader market caught on…and Sun Communities wasn’t on the list .
Sun Communities currently holds a ‘moderate buy’ rating among analysts, but the top rated analysts believe these five stocks are better buys.
See 5 stocks here