Bank of New York Mellon Corp reduced its stake in Sun Communities Inc (NYSE:SUI) by 2.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 621,308 shares of the real estate investment trust’s stock after selling 13,695 shares during the period. Bank of New York Mellon Corp owned approximately 0.77% of Sun Communities worth $60,814,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. United Services Automobile Association lifted its holdings in shares of Sun Communities by 4.2% during the second quarter. United Services Automobile Association now owns 12,741 shares of the real estate investment trust’s stock valued at $1,247,000 after purchasing an additional 516 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Sun Communities by 3.6% during the second quarter. Canada Pension Plan Investment Board now owns 17,200 shares of the real estate investment trust’s stock valued at $1,684,000 after purchasing an additional 600 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in Sun Communities by 28.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 3,188 shares of the real estate investment trust’s stock valued at $312,000 after acquiring an additional 700 shares during the period. First Mercantile Trust Co. lifted its holdings in Sun Communities by 46.3% in the second quarter. First Mercantile Trust Co. now owns 2,400 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 760 shares during the period. Finally, Virtu Financial LLC lifted its holdings in Sun Communities by 35.1% in the second quarter. Virtu Financial LLC now owns 3,117 shares of the real estate investment trust’s stock valued at $305,000 after acquiring an additional 809 shares during the period. 93.31% of the stock is currently owned by hedge funds and other institutional investors.

SUI stock remained flat at $$108.32 during trading on Friday. The company’s stock had a trading volume of 606,003 shares, compared to its average volume of 320,959. Sun Communities Inc has a 52 week low of $80.12 and a 52 week high of $108.73. The company has a market capitalization of $9.35 billion, a P/E ratio of 25.98, a price-to-earnings-growth ratio of 3.57 and a beta of 0.13.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, October 24th. The real estate investment trust reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.07. The business had revenue of $323.54 million during the quarter, compared to analysts’ expectations of $292.22 million. Sun Communities had a return on equity of 3.95% and a net margin of 10.16%. On average, equities analysts predict that Sun Communities Inc will post 4.59 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend is Friday, December 28th. Sun Communities’s payout ratio is 68.11%.

SUI has been the topic of a number of recent research reports. Royal Bank of Canada increased their target price on Sun Communities to $105.00 and gave the company an “above average” rating in a report on Thursday, August 30th. They noted that the move was a valuation call. Zacks Investment Research raised Sun Communities from a “hold” rating to a “buy” rating and set a $113.00 target price on the stock in a report on Friday, September 7th. Citigroup increased their target price on Sun Communities from $100.00 to $105.00 and gave the company a “hold” rating in a report on Monday, October 29th. BMO Capital Markets increased their target price on Sun Communities to $109.00 and gave the company an “outperform” rating in a report on Tuesday, September 11th. Finally, Wells Fargo & Co increased their target price on Sun Communities from $103.00 to $108.00 and gave the company an “outperform” rating in a report on Friday, August 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Sun Communities currently has a consensus rating of “Hold” and a consensus target price of $107.67.

In other Sun Communities news, COO John Bandini Mclaren sold 2,400 shares of the company’s stock in a transaction dated Friday, November 30th. The stock was sold at an average price of $103.42, for a total value of $248,208.00. Following the completion of the sale, the chief operating officer now owns 152,624 shares in the company, valued at $15,784,374.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Clunet R. Lewis sold 1,200 shares of the company’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $99.95, for a total value of $119,940.00. Following the completion of the sale, the director now owns 19,400 shares of the company’s stock, valued at approximately $1,939,030. The disclosure for this sale can be found here. Corporate insiders own 3.69% of the company’s stock.

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About Sun Communities

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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Institutional Ownership by Quarter for Sun Communities (NYSE:SUI)

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