Westfield Capital Management Co. LP Buys 177,945 Shares of Sun Communities, Inc. (SUI)

Westfield Capital Management Co. LP grew its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 64.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 455,414 shares of the real estate investment trust’s stock after acquiring an additional 177,945 shares during the period. Westfield Capital Management Co. LP owned 0.58% of Sun Communities worth $39,935,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of Sun Communities by 3,458.3% in the first quarter. BlackRock Inc. now owns 4,678,657 shares of the real estate investment trust’s stock worth $375,838,000 after buying an additional 4,547,170 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Sun Communities by 303.3% in the second quarter. Bank of New York Mellon Corp now owns 1,532,663 shares of the real estate investment trust’s stock worth $134,399,000 after buying an additional 1,152,596 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Sun Communities by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,521,072 shares of the real estate investment trust’s stock worth $845,157,000 after buying an additional 316,089 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Sun Communities by 388.2% in the second quarter. BNP Paribas Arbitrage SA now owns 195,946 shares of the real estate investment trust’s stock worth $17,183,000 after buying an additional 155,807 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. raised its position in shares of Sun Communities by 23.0% in the second quarter. Duff & Phelps Investment Management Co. now owns 755,555 shares of the real estate investment trust’s stock worth $66,255,000 after buying an additional 141,500 shares in the last quarter. Hedge funds and other institutional investors own 94.46% of the company’s stock.

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In related news, COO John Bandini Mclaren sold 5,400 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were 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 of the company’s stock, valued at approximately $13,543,850.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.15% of the company’s stock.

Shares of Sun Communities, Inc. (SUI) remained flat at $89.18 during midday trading on Friday. The company’s stock had a trading volume of 1,096,285 shares. The firm has a market cap of $7.05 billion, a price-to-earnings ratio of 127.58 and a beta of 0.29. Sun Communities, Inc. has a 12-month low of $69.90 and a 12-month high of $91.87. The company has a 50-day moving average of $89.19 and a 200 day moving average of $85.98.

Sun Communities (NYSE:SUI) last issued its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.03). The firm had revenue of $237.90 million during the quarter, compared to the consensus estimate of $210.58 million. Sun Communities had a return on equity of 2.59% and a net margin of 6.82%. The company’s quarterly revenue was up 24.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 EPS. On average, analysts forecast that Sun Communities, Inc. will post $0.99 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.01%. The ex-dividend date is Thursday, September 28th. Sun Communities’s dividend payout ratio is currently 382.86%.

A number of brokerages recently issued reports on SUI. Zacks Investment Research downgraded Sun Communities from a “buy” rating to a “hold” rating in a research report on Friday, June 30th. Royal Bank Of Canada reiterated a “buy” rating and issued a $92.00 price objective on shares of Sun Communities in a research report on Sunday, July 16th. Finally, BidaskClub downgraded Sun Communities from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Sun Communities presently has a consensus rating of “Buy” and an average price target of $90.86.

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).

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

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