1832 Asset Management L.P. Sells 9,275 Shares of Sun Communities, Inc. $SUI

Key Points

• 1832 Asset Management L.P. reduced its stake in Sun Communities, Inc. by 13.2%, selling 9,275 shares, with remaining holdings worth approximately $7.83 million.
• Sun Communities reported a quarterly EPS of $1.76, surpassing analysts' expectations of $1.67, alongside revenue of $623.50 million.
• The company recently increased its quarterly dividend to $1.04 per share, representing an annualized dividend yield of 3.3%.

1832 Asset Management L.P. lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 13.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,852 shares of the real estate investment trust's stock after selling 9,275 shares during the quarter. 1832 Asset Management L.P.'s holdings in Sun Communities were worth $7,828,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Utah Retirement Systems boosted its position in Sun Communities by 0.5% during the fourth quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock worth $2,521,000 after purchasing an additional 100 shares during the period. Cascade Investment Advisors Inc. boosted its position in Sun Communities by 1.0% during the first quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock worth $1,347,000 after purchasing an additional 100 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Sun Communities by 0.4% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,108 shares of the real estate investment trust's stock worth $3,487,000 after purchasing an additional 100 shares during the period. PNC Financial Services Group Inc. boosted its position in Sun Communities by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,504 shares of the real estate investment trust's stock worth $322,000 after purchasing an additional 102 shares during the period. Finally, Bessemer Group Inc. boosted its position in Sun Communities by 11.6% during the first quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after purchasing an additional 120 shares during the period. Institutional investors own 99.59% of the company's stock.

Sun Communities Price Performance

NYSE SUI traded down $1.09 on Thursday, reaching $125.45. 772,631 shares of the company's stock traded hands, compared to its average volume of 876,473. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.08 and a quick ratio of 7.08. The stock has a 50-day simple moving average of $125.66 and a 200 day simple moving average of $125.77. The stock has a market cap of $15.70 billion, a PE ratio of 12.28, a P/E/G ratio of 6.44 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.67 by $0.09. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. The business had revenue of $623.50 million for the quarter, compared to analysts' expectations of $614.79 million. During the same period last year, the business earned $1.86 earnings per share. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. As a group, research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.04 per share. The ex-dividend date was Monday, June 30th. This is an increase from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 3.3%. Sun Communities's dividend payout ratio (DPR) is 40.70%.

Wall Street Analysts Forecast Growth

SUI has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Sun Communities from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Barclays initiated coverage on shares of Sun Communities in a report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price target on the stock. Wells Fargo & Company lowered their price target on shares of Sun Communities from $135.00 to $132.00 and set an "equal weight" rating on the stock in a report on Wednesday. Morgan Stanley initiated coverage on shares of Sun Communities in a report on Tuesday, July 15th. They issued an "equal weight" rating and a $135.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Six equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $138.21.

About Sun Communities

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 December 31, 2023, the Company owned, operated, or had an interest in a portfolio of 667 developed MH, RV and Marina properties comprising 179,310 developed sites and approximately 48,030 wet slips and dry storage spaces in the U.S., the UK and Canada.