American Assets Investment Management LLC Takes Position in Sun Communities, Inc. (NYSE:SUI)

Key Points

• American Assets Investment Management LLC has invested approximately $3.39 million in Sun Communities, acquiring 26,315 shares, which represents 1.4% of their investment portfolio.
• Sun Communities has recently increased its quarterly dividend to $1.04, marking a rise from the previous $0.94, which gives the stock an annualized dividend yield of 3.56%.
• Analysts have mixed ratings on Sun Communities, with a current consensus of "Hold" and a price target average of $137.86.

American Assets Investment Management LLC acquired a new position in Sun Communities, Inc. (NYSE:SUI - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 26,315 shares of the real estate investment trust's stock, valued at approximately $3,385,000. Sun Communities accounts for approximately 1.4% of American Assets Investment Management LLC's portfolio, making the stock its 25th largest holding.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Sun Communities by 23.8% in the first quarter. GAMMA Investing LLC now owns 1,047 shares of the real estate investment trust's stock worth $135,000 after acquiring an additional 201 shares during the period. Bessemer Group Inc. lifted its position in shares of Sun Communities by 11.6% in the first quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after buying an additional 120 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Sun Communities by 9.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,042 shares of the real estate investment trust's stock worth $520,000 after buying an additional 365 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Sun Communities in the first quarter worth about $2,392,000. Finally, Amalgamated Bank lifted its position in shares of Sun Communities by 7.3% in the first quarter. Amalgamated Bank now owns 6,755 shares of the real estate investment trust's stock worth $869,000 after buying an additional 462 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Stock Performance

Shares of NYSE SUI traded up $1.85 during midday trading on Monday, hitting $126.15. The company's stock had a trading volume of 622,528 shares, compared to its average volume of 858,921. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83. The firm's fifty day moving average price is $124.80 and its 200-day moving average price is $125.79. The company has a debt-to-equity ratio of 0.55, a quick ratio of 7.08 and a current ratio of 7.08. The firm has a market cap of $16.10 billion, a P/E ratio of 12.35, a P/E/G ratio of 8.44 and a beta of 0.83.

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 EPS for the quarter, topping analysts' consensus estimates of $1.67 by $0.09. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. The company had revenue of $623.50 million for the quarter, compared to the consensus estimate of $614.79 million. During the same period in the previous year, the firm earned $1.86 EPS. On average, sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders 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 was Monday, June 30th. Sun Communities's dividend payout ratio (DPR) is presently 40.70%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SUI shares. Morgan Stanley started coverage on Sun Communities in a research report on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 price objective on the stock. JMP Securities restated a "market outperform" rating and set a $140.00 price objective on shares of Sun Communities in a research report on Tuesday, May 20th. Robert W. Baird decreased their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Barclays started coverage on Sun Communities in a research note on Thursday, May 29th. They set an "overweight" rating and a $141.00 target price on the stock. Finally, Wall Street Zen cut Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Sun Communities has a consensus rating of "Hold" and a consensus price target of $137.57.

Insider Activity

In other news, Director Jeff Blau purchased 3,665 shares of the business's stock in a transaction dated 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 completion of the acquisition, the director directly owned 3,665 shares of the company's stock, valued at $432,433.35. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.77% of the stock is owned by corporate insiders.

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.