LPL Financial LLC Reduces Stake in Sun Communities, Inc. (NYSE:SUI)

LPL Financial LLC lowered its holdings in Sun Communities, Inc. (NYSE:SUI – Get Rating) by 4.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,602 shares of the real estate investment trust’s stock after selling 652 shares during the period. LPL Financial LLC’s holdings in Sun Communities were worth $1,945,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SUI. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Sun Communities by 7.9% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 103,247 shares of the real estate investment trust’s stock valued at $14,446,000 after purchasing an additional 7,536 shares during the period. Country Club Bank GFN lifted its stake in shares of Sun Communities by 1.4% in the 4th quarter. Country Club Bank GFN now owns 19,604 shares of the real estate investment trust’s stock valued at $2,803,000 after purchasing an additional 264 shares during the period. Daiwa Securities Group Inc. lifted its stake in shares of Sun Communities by 12.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 2,012,163 shares of the real estate investment trust’s stock valued at $287,739,000 after purchasing an additional 222,611 shares during the period. Brinker Capital Investments LLC lifted its stake in shares of Sun Communities by 2.6% in the 4th quarter. Brinker Capital Investments LLC now owns 17,623 shares of the real estate investment trust’s stock valued at $2,520,000 after purchasing an additional 449 shares during the period. Finally, Glassman Wealth Services lifted its stake in shares of Sun Communities by 114.1% in the 4th quarter. Glassman Wealth Services now owns 182 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 97 shares during the period. Hedge funds and other institutional investors own 93.31% of the company’s stock.

Sun Communities Stock Down 1.2 %

Sun Communities stock opened at $129.15 on Wednesday. The firm has a market cap of $16.07 billion, a price-to-earnings ratio of 74.65, a PEG ratio of 2.92 and a beta of 0.71. The stock has a fifty day simple moving average of $136.01 and a two-hundred day simple moving average of $142.53. Sun Communities, Inc. has a 12 month low of $117.63 and a 12 month high of $172.67. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.92.

Sun Communities (NYSE:SUI – Get Rating) last posted its earnings results on Monday, April 24th. The real estate investment trust reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($1.42). The business had revenue of $651.20 million during the quarter, compared to the consensus estimate of $610.32 million. Sun Communities had a return on equity of 2.63% and a net margin of 6.87%. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.34 EPS. Equities analysts predict that Sun Communities, Inc. will post 7.3 EPS for the current fiscal year.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 17th. Investors of record on Friday, March 31st were issued a $0.93 dividend. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $3.72 annualized dividend and a dividend yield of 2.88%. This is a positive change from Sun Communities’s previous quarterly dividend of $0.88. Sun Communities’s payout ratio is presently 215.03%.

Insider Buying and Selling

In related news, Director Clunet R. Lewis sold 1,500 shares of Sun Communities stock in a transaction on Monday, February 27th. The stock was sold at an average price of $148.51, for a total value of $222,765.00. Following the completion of the sale, the director now owns 26,900 shares of the company’s stock, valued at $3,994,919. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SUI. StockNews.com began coverage on Sun Communities in a research note on Thursday, May 18th. They issued a “sell” rating for the company. JMP Securities reiterated a “market outperform” rating and set a $160.00 price objective on shares of Sun Communities in a research note on Wednesday, March 8th. Wells Fargo & Company initiated coverage on Sun Communities in a research note on Wednesday, March 29th. They set an “equal weight” rating and a $151.00 price objective for the company. Truist Financial lowered their price objective on Sun Communities from $166.00 to $163.00 and set a “buy” rating for the company in a research note on Friday, March 31st. Finally, Barclays lowered their price objective on Sun Communities from $185.00 to $168.00 and set an “overweight” rating for the company in a research note on Monday, April 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $164.38.

About Sun Communities

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Sun Communities, Inc provides real estate management services. The firm operates through the following segments: Manufactured Home Communities, Recreational Vehicle, and Marina. The Manufactured Home Communities segment owns, operates, and develops manufactured housing communities and is in the business of acquiring, operating, and developing ground up communities to provide housing solutions.