3,769 Shares in Sun Communities, Inc. (NYSE:SUI) Acquired by Prudential PLC

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 purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,769 shares of the real estate investment trust's stock, valued at approximately $485,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Sun Communities by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 17,947,285 shares of the real estate investment trust's stock valued at $2,308,739,000 after purchasing an additional 403,923 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Sun Communities by 19.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock valued at $682,429,000 after purchasing an additional 911,857 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Sun Communities by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,829,816 shares of the real estate investment trust's stock valued at $225,012,000 after purchasing an additional 49,404 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Sun Communities by 103.7% in the 1st quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock valued at $207,294,000 after purchasing an additional 820,422 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Sun Communities by 3.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,364,311 shares of the real estate investment trust's stock valued at $167,769,000 after purchasing an additional 40,832 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Up 0.4%

Shares of NYSE:SUI opened at $127.71 on Friday. The firm has a market cap of $15.98 billion, a P/E ratio of 12.50, a P/E/G ratio of 6.56 and a beta of 0.83. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The business has a fifty day simple moving average of $125.46 and a 200 day simple moving average of $125.74.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $623.50 million during the quarter, compared to analyst estimates of $614.79 million. During the same period last year, the company earned $1.86 EPS. 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 Thursday, July 31st. Shareholders of record on Monday, June 30th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Monday, June 30th. This is an increase from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio (DPR) is 40.70%.

Insiders Place Their Bets

In other Sun Communities news, Director Jeff Blau purchased 3,665 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was purchased at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the acquisition, the director owned 3,665 shares in the company, valued at approximately $432,433.35. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SUI. Wall Street Zen raised Sun Communities from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Bank of America increased their price target on Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday, May 12th. Colliers Securities began coverage on Sun Communities in a research note on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target for the company. Truist Financial increased 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. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price target on Sun Communities and gave the company a "hold" rating in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price 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.

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