New Mexico Educational Retirement Board Makes New $2.68 Million Investment in Sun Communities, Inc. $SUI

New Mexico Educational Retirement Board acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the 3rd quarter, Holdings Channel reports. The fund acquired 24,200 shares of the real estate investment trust’s stock, valued at approximately $2,681,000.

A number of other large investors have also recently made changes to their positions in SUI. BlackRock Inc. bought a new position in shares of Sun Communities during the second quarter valued at approximately $1,649,715,000. Dimensional Fund Advisors LP lifted its holdings in Sun Communities by 2.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,812,301 shares of the real estate investment trust’s stock worth $228,280,000 after buying an additional 51,588 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Sun Communities by 2.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,536,249 shares of the real estate investment trust’s stock valued at $184,212,000 after purchasing an additional 31,497 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Sun Communities during the 2nd quarter worth approximately $156,841,000. Finally, Legal & General Group Plc purchased a new stake in shares of Sun Communities during the 2nd quarter valued at $122,737,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Shares of SUI opened at $118.12 on Thursday. The stock has a market cap of $14.10 billion, a PE ratio of -19.18, a P/E/G ratio of 6.04 and a beta of 0.75. The company has a debt-to-equity ratio of 0.69, a current ratio of 4.68 and a quick ratio of 4.68. Sun Communities, Inc. has a 1-year low of $109.77 and a 1-year high of $137.85. The firm has a 50-day simple moving average of $115.53 and a two-hundred day simple moving average of $123.18.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Monday, October 26th. The real estate investment trust reported $2.35 EPS for the quarter, topping the consensus estimate of $2.30 by $0.05. Sun Communities had a positive return on equity of 5.02% and a negative net margin of 36.00%. The business had revenue of $558.20 million during the quarter, compared to analyst estimates of $563.59 million. During the same period last year, the business posted $2.28 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. As a group, analysts forecast that Sun Communities, Inc. will post 7.03 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Wednesday, September 30th. Sun Communities’s dividend payout ratio (DPR) is currently -72.73%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SUI. Weiss Ratings cut shares of Sun Communities from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, November 4th. Evercore reissued an “outperform” rating on shares of Sun Communities in a report on Wednesday, October 28th. Wells Fargo & Company cut their price objective on Sun Communities from $141.00 to $136.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Citigroup reaffirmed a “market outperform” rating on shares of Sun Communities in a research note on Tuesday, November 3rd. Finally, Wall Street Zen cut Sun Communities from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $135.65.

Sun Communities Company Profile

Sun Communities, Inc. is a real estate investment trust that owns and operates manufactured housing communities, recreational vehicle (RV) communities and resorts, and marinas. Its properties serve long-term residents as well as vacationers and boaters, with offerings that include home sites, RV accommodations, boat slips and related amenities. Founded in 1975, the company has expanded beyond its original manufactured housing business through acquisitions and development. Its portfolio spans the United States, Canada and the United Kingdom.