Solaris Asset Management LLC boosted its stake in Sun Communities, Inc. (NYSE:SUI) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,851 shares of the real estate investment trust’s stock after buying an additional 100 shares during the period. Solaris Asset Management LLC’s holdings in Sun Communities were worth $601,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. US Bancorp DE raised its stake in shares of Sun Communities by 105.2% in the second quarter. US Bancorp DE now owns 1,473 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 755 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in shares of Sun Communities by 6.3% in the second quarter. Public Employees Retirement Association of Colorado now owns 2,255 shares of the real estate investment trust’s stock valued at $198,000 after buying an additional 133 shares in the last quarter. Norris Perne & French LLP MI purchased a new stake in shares of Sun Communities during the first quarter valued at about $201,000. Laurion Capital Management LP purchased a new stake in shares of Sun Communities during the first quarter valued at about $201,000. Finally, Moody Aldrich Partners LLC purchased a new stake in shares of Sun Communities during the second quarter valued at about $201,000. 89.21% of the stock is owned by institutional investors and hedge funds.
Sun Communities, Inc. (SUI) traded down 1.05% during mid-day trading on Friday, hitting $88.78. The stock had a trading volume of 255,354 shares. The stock’s 50-day moving average price is $88.16 and its 200-day moving average price is $84.71. Sun Communities, Inc. has a 12 month low of $69.90 and a 12 month high of $91.37. The stock has a market cap of $7.01 billion, a price-to-earnings ratio of 127.01 and a beta of 0.28.
Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.03. The company had revenue of $237.90 million during the quarter, compared to analysts’ expectations of $210.58 million. Sun Communities had a return on equity of 2.59% and a net margin of 6.82%. Sun Communities’s revenue for the quarter was up 24.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.85 EPS. On average, analysts predict that Sun Communities, Inc. will post $0.99 earnings per share for the current year.
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Several analysts have issued reports on the company. BidaskClub raised Sun Communities from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th. Zacks Investment Research raised Sun Communities from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Royal Bank Of Canada assumed coverage on Sun Communities in a research note on Thursday, June 1st. They issued an “outperform” rating and a $92.00 target price for the company. Finally, Bank of America Corporation raised Sun Communities from an “underperform” rating to a “buy” rating and set a $93.00 target price for the company in a research note on Monday, May 22nd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $90.17.
In other news, COO John Bandini Mclaren sold 5,400 shares of Sun Communities stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $88.43, for a total value of $477,522.00. Following the completion of the transaction, the chief operating officer now owns 153,159 shares in the company, valued at approximately $13,543,850.37. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.15% of the stock is currently owned by insiders.
About Sun Communities
Sun Communities, Inc is a self-administered and self-managed real estate investment trust (REIT). The Company is a fully integrated real estate company, which, together with its affiliates and predecessors, has been in the business of acquiring, operating, developing, and expanding manufactured housing (MH) and recreational vehicle (RV).
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