Bank of New York Mellon Corp Has $83.47 Million Stock Position in Sun Communities, Inc. (NYSE:SUI)

Posted by Defense World Staff on Aug 18th, 2023

Bank of New York Mellon Corp lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI – Free Report) by 4.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 592,488 shares of the real estate investment trust’s stock after selling 29,738 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.48% of Sun Communities worth $83,470,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of SUI. Glassman Wealth Services raised its stake in 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 acquiring an additional 97 shares during the period. Eagle Bay Advisors LLC bought a new position in shares of Sun Communities in the second quarter valued at about $27,000. Johnson Financial Group Inc. lifted its stake in shares of Sun Communities by 485.7% during the 4th quarter. Johnson Financial Group Inc. now owns 205 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 170 shares during the last quarter. Spire Wealth Management boosted its holdings in shares of Sun Communities by 62.1% during the 4th quarter. Spire Wealth Management now owns 235 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 90 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Sun Communities in the 1st quarter valued at about $39,000. Institutional investors own 96.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SUI. Royal Bank of Canada reduced their price objective on Sun Communities from $158.00 to $153.00 in a report on Tuesday, May 30th. Wolfe Research raised Sun Communities from a “peer perform” rating to an “outperform” rating and set a $155.00 price objective on the stock in a report on Tuesday, July 11th. StockNews.com initiated coverage on Sun Communities in a research report on Thursday. They set a “sell” rating on the stock. Barclays reduced their target price on shares of Sun Communities from $168.00 to $158.00 in a research report on Thursday, July 6th. Finally, Robert W. Baird raised their price target on shares of Sun Communities from $160.00 to $168.00 in a research report on Thursday, May 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Sun Communities has a consensus rating of “Moderate Buy” and an average target price of $154.88.

View Our Latest Report on Sun Communities

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood bought 400 shares of the firm’s stock in a transaction on Thursday, May 25th. The shares were purchased at an average price of $126.18 per share, for a total transaction of $50,472.00. Following the completion of the transaction, the chief executive officer now directly owns 73,083 shares in the company, valued at approximately $9,221,612.94. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.06% of the stock is owned by corporate insiders.

Sun Communities Trading Down 0.7 %

SUI opened at $120.44 on Friday. The stock has a market capitalization of $14.99 billion, a price-to-earnings ratio of 65.46, a P/E/G ratio of 3.37 and a beta of 0.71. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.94. Sun Communities, Inc. has a twelve month low of $117.63 and a twelve month high of $171.77. The company has a 50-day simple moving average of $131.46 and a 200 day simple moving average of $137.20.

Sun Communities (NYSE:SUI – Get Free Report) last issued its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($1.23). The firm had revenue of $863.50 million for the quarter, compared to the consensus estimate of $834.99 million. Sun Communities had a return on equity of 2.80% and a net margin of 7.27%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period last year, the company posted $2.02 EPS. Analysts predict that Sun Communities, Inc. will post 7.17 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 3.09%. Sun Communities’s dividend payout ratio (DPR) is currently 202.17%.

Sun Communities Company Profile

(Free Report)

Established in 1975, Sun Communities, Inc became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of March 31, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 179,700 developed sites and approximately 47,990 wet slips and dry storage spaces in the U.S., the UK and Canada.