Allianz Asset Management GmbH Purchases 12,789 Shares of Sun Communities, Inc. (NYSE:SUI)

Key Points

• Allianz Asset Management GmbH raised its stake in Sun Communities, Inc. (NYSE:SUI) by 12.4%, owning 116,292 shares valued at approximately $14.96 million.
• Several hedge funds, including Norges Bank and Cohen & Steers Inc., significantly increased their holdings in Sun Communities during the fourth quarter, contributing to over 99.59% of the stock being owned by institutional investors.
• Sun Communities has declared a new quarterly dividend of $1.04 per share, a notable increase from the previous $0.94, indicating a strong commitment to returning value to shareholders.

Allianz Asset Management GmbH lifted its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 12.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,292 shares of the real estate investment trust's stock after acquiring an additional 12,789 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.09% of Sun Communities worth $14,960,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of SUI. Opal Wealth Advisors LLC acquired a new position in shares of Sun Communities in the 1st quarter worth approximately $29,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Sun Communities by 263.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 232 shares during the period. Parallel Advisors LLC boosted its holdings in Sun Communities by 66.4% in the first quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after acquiring an additional 190 shares during the last quarter. Blue Trust Inc. boosted its holdings in Sun Communities by 510.4% in the first quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock valued at $75,000 after acquiring an additional 490 shares during the last quarter. Finally, Natixis acquired a new stake in Sun Communities in the fourth quarter worth about $90,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Sun Communities

In other Sun Communities news, Director Jeff Blau acquired 3,665 shares of Sun Communities stock in a transaction dated Friday, May 23rd. The stock was bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the purchase, the director directly owned 3,665 shares in the company, valued at approximately $432,433.35. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 1.77% of the stock is currently owned by corporate insiders.

Sun Communities Stock Down 1.0%

NYSE SUI traded down $1.15 on Friday, reaching $119.68. The company had a trading volume of 816,038 shares, compared to its average volume of 1,020,692. The firm has a market capitalization of $15.28 billion, a price-to-earnings ratio of 193.03, a price-to-earnings-growth ratio of 8.13 and a beta of 0.86. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.25 and a current ratio of 2.25. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83. The company's fifty day moving average is $124.91 and its 200-day moving average is $125.79.

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

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.48%. This is an increase from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date is Monday, June 30th. Sun Communities's dividend payout ratio is currently 670.97%.

Analyst Ratings Changes

Several research analysts have recently issued reports on SUI shares. Truist Financial set a $137.00 target price on shares of Sun Communities and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Colliers Securities started coverage on shares of Sun Communities in a research report on Friday, June 13th. They set a "neutral" rating and a $130.00 target price for the company. Royal Bank Of Canada cut their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. 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. Finally, Wall Street Zen downgraded Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $137.86.

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.