Sun Communities, Inc. (NYSE:SUI) Shares Acquired by Allianz Asset Management GmbH

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 increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 12.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,292 shares of the real estate investment trust's stock after purchasing 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 have also recently made changes to their positions in SUI. Norges Bank purchased a new stake in shares of Sun Communities during the fourth quarter worth about $888,783,000. Cohen & Steers Inc. grew its position in shares of Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock worth $2,013,414,000 after purchasing an additional 3,811,528 shares in the last quarter. Dodge & Cox grew its position in shares of Sun Communities by 61.1% during the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock worth $1,181,252,000 after purchasing an additional 3,644,853 shares in the last quarter. FMR LLC grew its holdings in Sun Communities by 51.3% during the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock valued at $973,660,000 after buying an additional 2,684,214 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Sun Communities by 19.7% during 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 buying an additional 911,857 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Stock Up 0.9%

Shares of SUI traded up $1.01 during trading hours on Tuesday, hitting $118.41. The company had a trading volume of 74,013 shares, compared to its average volume of 835,975. The company has a market capitalization of $15.11 billion, a PE ratio of 190.98, a price-to-earnings-growth ratio of 8.13 and a beta of 0.86. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 1.01. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The company's fifty day moving average price is $124.79 and its two-hundred day moving average price is $125.81.

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 the consensus estimate of $1.18 by $0.08. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The firm had revenue of $470.20 million for the quarter, compared to the consensus estimate of $538.63 million. During the same period in the previous year, the business earned $1.19 EPS. The firm's revenue for the quarter was up .2% on a year-over-year basis. As a group, equities analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Monday, June 30th. This is an increase from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's payout ratio is presently 670.97%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SUI shares. JMP Securities restated a "market outperform" rating and set a $140.00 price target on shares of Sun Communities in a report on Tuesday, May 20th. Truist Financial set a $137.00 price objective on Sun Communities and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Morgan Stanley began coverage on Sun Communities in a research note on Tuesday, July 15th. They issued an "equal weight" rating and a $135.00 price objective for the company. Jefferies Financial Group began coverage on Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 price target for the company. Finally, Royal Bank Of Canada decreased their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $137.86.

Insiders Place Their Bets

In other news, Director Jeff Blau purchased 3,665 shares of the company's stock in a transaction on Friday, May 23rd. The shares were acquired at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the purchase, the director owned 3,665 shares in the company, valued at $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.89% of the company's stock.

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.