Prudential PLC Acquires New Position in Sun Communities, Inc. $SUI

Key Points

• Prudential PLC acquired 3,769 shares of Sun Communities, Inc. (NYSE:SUI), valued at approximately $485,000, during the first quarter, reflecting ongoing institutional interest in the company.
• Sun Communities recently increased its quarterly dividend to $1.04 per share, up from $0.94, representing an annualized yield of 3.3%.
• Analysts have varying ratings on Sun Communities stock, with a consensus rating of "Hold" and a target price of $138.43.

Prudential PLC acquired a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,769 shares of the real estate investment trust's stock, valued at approximately $485,000.

Several other hedge funds have also modified their holdings of the stock. Resona Asset Management Co. Ltd. raised its stake in shares of Sun Communities by 6.9% in the first quarter. Resona Asset Management Co. Ltd. now owns 71,072 shares of the real estate investment trust's stock valued at $9,227,000 after acquiring an additional 4,571 shares in the last quarter. Nuveen LLC acquired a new stake in Sun Communities in the first quarter valued at $112,395,000. Virtu Financial LLC acquired a new stake in Sun Communities in the first quarter valued at $502,000. Invesco Ltd. raised its stake in Sun Communities by 4.1% in the first quarter. Invesco Ltd. now owns 284,034 shares of the real estate investment trust's stock valued at $36,538,000 after buying an additional 11,120 shares in the last quarter. Finally, Davis Selected Advisers acquired a new stake in Sun Communities in the first quarter valued at $3,221,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Performance

Shares of SUI stock traded down $0.5190 during mid-day trading on Thursday, hitting $126.6110. 606,579 shares of the stock were exchanged, compared to its average volume of 1,138,575. The stock's fifty day simple moving average is $125.51 and its two-hundred day simple moving average is $125.76. The stock has a market capitalization of $15.85 billion, a price-to-earnings ratio of 12.39, a P/E/G ratio of 6.56 and a beta of 0.83. 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 quick ratio of 7.08 and a current ratio of 7.08.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.67 by $0.09. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%.The firm had revenue of $623.50 million for the quarter, compared to analyst estimates of $614.79 million. During the same quarter last year, the company posted $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. On average, analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were issued a dividend of $1.04 per share. 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 dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Sun Communities's dividend payout ratio is 40.70%.

Insider Activity

In related news, Director Jeff Blau purchased 3,665 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average price of $117.99 per share, with a total value of $432,433.35. Following the completion of the acquisition, the director directly owned 3,665 shares in the company, valued at $432,433.35. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.77% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Colliers Securities assumed coverage on Sun Communities in a research note on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target on the stock. Truist Financial raised their price target on Sun Communities from $137.00 to $141.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded Sun Communities from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Robert W. Baird raised their price target on Sun Communities from $126.00 to $134.00 and gave the company a "neutral" rating in a research note on Monday, August 11th. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Six 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $138.43.

Sun Communities Profile

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.