Toronto Dominion Bank increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI – Get Rating) by 4.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,618 shares of the real estate investment trust’s stock after purchasing an additional 1,538 shares during the quarter. Toronto Dominion Bank’s holdings in Sun Communities were worth $6,153,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SUI. National Asset Management Inc. increased its position in shares of Sun Communities by 9.2% during the 1st quarter. National Asset Management Inc. now owns 1,464 shares of the real estate investment trust’s stock worth $258,000 after purchasing an additional 123 shares during the last quarter. Arizona State Retirement System grew its position in Sun Communities by 2.3% in the 1st quarter. Arizona State Retirement System now owns 32,280 shares of the real estate investment trust’s stock valued at $5,658,000 after acquiring an additional 723 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Sun Communities by 5.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 151,666 shares of the real estate investment trust’s stock valued at $26,586,000 after acquiring an additional 7,750 shares in the last quarter. Victory Capital Management Inc. grew its position in Sun Communities by 0.7% in the 1st quarter. Victory Capital Management Inc. now owns 438,891 shares of the real estate investment trust’s stock valued at $77,056,000 after acquiring an additional 3,252 shares in the last quarter. Finally, Formidable Asset Management LLC acquired a new position in Sun Communities in the 1st quarter valued at about $365,000. 94.26% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
SUI has been the subject of several research reports. Truist Financial dropped their target price on Sun Communities from $193.00 to $147.00 and set a “buy” rating for the company in a research report on Friday, October 14th. StockNews.com initiated coverage on Sun Communities in a research report on Wednesday, October 12th. They issued a “sell” rating for the company. Royal Bank of Canada decreased their price objective on Sun Communities from $174.00 to $164.00 and set an “outperform” rating for the company in a research note on Wednesday, October 26th. Barclays decreased their price objective on Sun Communities from $210.00 to $185.00 and set an “overweight” rating for the company in a research note on Friday, October 7th. Finally, JMP Securities decreased their price objective on Sun Communities from $200.00 to $160.00 and set a “market outperform” rating for the company in a research note on Monday, October 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Sun Communities presently has an average rating of “Moderate Buy” and a consensus target price of $174.50.
Sun Communities Price Performance
Sun Communities (NYSE:SUI – Get Rating) last posted its earnings results on Monday, October 24th. The real estate investment trust reported $1.32 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.05). Sun Communities had a return on equity of 3.34% and a net margin of 8.81%. During the same period in the previous year, the firm posted $2.11 EPS. Equities research analysts anticipate that Sun Communities, Inc. will post 7.26 earnings per share for the current fiscal year.
Sun Communities Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, September 29th. Sun Communities’s payout ratio is 171.71%.
Sun Communities Company Profile
Sun Communities, Inc is a REIT that, as of March 31, 2022, owned, operated, or had an interest in a portfolio of 603 developed MH, RV and marina properties comprising nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces in 39 states, Canada, Puerto Rico and the UK.
- Get a free copy of the StockNews.com research report on Sun Communities (SUI)
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