Lecap Asset Management Ltd. Takes Position in Sun Communities, Inc. (NYSE:SUI)

Lecap Asset Management Ltd. acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 21,187 shares of the real estate investment trust's stock, valued at approximately $2,725,000.

Several other large investors have also modified their holdings of the stock. Utah Retirement Systems lifted its stake 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 last quarter. Cascade Investment Advisors Inc. lifted its stake 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 last quarter. Quadrant Capital Group LLC lifted its stake in Sun Communities by 17.2% during the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock worth $103,000 after purchasing an additional 123 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 124 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. lifted its stake in Sun Communities by 4.5% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 2,901 shares of the real estate investment trust's stock worth $357,000 after purchasing an additional 126 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Trading Down 1.2%

Shares of Sun Communities stock traded down $1.50 during trading on Friday, hitting $126.63. 1,813,335 shares of the company were exchanged, compared to its average volume of 853,319. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. The firm's fifty day moving average price is $124.25 and its 200 day moving average price is $125.39. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83. The firm has a market capitalization of $16.16 billion, a P/E ratio of 204.25, a price-to-earnings-growth ratio of 8.73 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.08. The business had revenue of $470.20 million during the quarter, compared to analyst estimates of $538.63 million. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. Sun Communities's quarterly revenue was up .2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.19 EPS. As a group, sell-side analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a dividend of $1.04 per share. This is an increase from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date is Monday, June 30th. This represents a $4.16 annualized dividend and a yield of 3.29%. Sun Communities's dividend payout ratio (DPR) is currently 606.45%.

Insiders Place Their Bets

In related news, Director Jeff Blau purchased 3,665 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the transaction, the director now owns 3,665 shares of the company's stock, valued at approximately $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.77% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SUI shares. Robert W. Baird cut their target price on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Wall Street Zen cut Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Colliers Securities started coverage on Sun Communities in a research note on Friday, June 13th. They issued a "neutral" rating and a $130.00 target price on the stock. JMP Securities reiterated a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a research note on Tuesday, May 20th. Finally, Jefferies Financial Group assumed coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $138.08.

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.