Adage Capital Partners GP L.L.C. Has $8.36 Million Stock Position in Sun Communities, Inc. $SUI

Key Points

• Adage Capital Partners GP L.L.C. significantly reduced its holdings in Sun Communities, Inc. by 72.9%, now owning roughly 65,000 shares valued at approximately $8.36 million.
• Multiple institutional investors have increased their stakes in Sun Communities, with Versor Investments LP's stake rising by 92.5%, demonstrating growing confidence in the company's prospects.
• Sun Communities announced a quarterly dividend of $1.04 per share, with a current dividend yield of 3.2%, reflecting its commitment to returning value to shareholders.

Adage Capital Partners GP L.L.C. reduced its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 72.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 65,000 shares of the real estate investment trust's stock after selling 175,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.05% of Sun Communities worth $8,362,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in Sun Communities during the 1st quarter worth about $29,000. Twin Tree Management LP acquired a new position in shares of Sun Communities during the 1st quarter worth about $29,000. GKV Capital Management Co. Inc. acquired a new position in shares of Sun Communities during the 1st quarter worth about $42,000. Parallel Advisors LLC grew its position in shares of Sun Communities by 66.4% during the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock worth $61,000 after buying an additional 190 shares during the period. Finally, Avalon Trust Co acquired a new position in shares of Sun Communities during the 1st quarter worth about $65,000. 99.59% of the stock is owned by institutional investors.

Sun Communities Stock Down 1.0%

Shares of SUI traded down $1.28 on Friday, hitting $130.00. The company's stock had a trading volume of 568,811 shares, compared to its average volume of 809,831. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. The firm's fifty day moving average price is $125.77 and its 200-day moving average price is $125.85. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The firm has a market capitalization of $16.27 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 6.78 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, beating 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 in the previous year, the firm earned $1.86 EPS. 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, equities research analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $1.04 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $4.16 annualized dividend and a dividend yield of 3.2%. Sun Communities's payout ratio is currently 40.70%.

Analysts Set New Price Targets

SUI has been the subject of several analyst reports. Barclays initiated coverage on Sun Communities in a research report on Thursday, May 29th. They set an "overweight" rating and a $141.00 target price for the company. Deutsche Bank Aktiengesellschaft set a $135.00 target price on Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. Truist Financial boosted their target price on Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Robert W. Baird boosted their target price on Sun Communities from $126.00 to $134.00 and gave the stock a "neutral" rating in a research report on Monday, August 11th. Finally, Morgan Stanley set a $142.00 target price on Sun Communities in a research report on Thursday, September 4th. Six investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Sun Communities has a consensus rating of "Hold" and an average price target of $138.71.

Sun Communities Company 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.