American Assets Investment Management LLC Invests $3.39 Million in Sun Communities, Inc. (NYSE:SUI)

Key Points

• American Assets Investment Management LLC purchased 26,315 shares of Sun Communities, valued at approximately $3,385,000, indicating institutional interest in the real estate investment trust.
• Sun Communities reported earnings of $1.76 per share, beating estimates, and increased its quarterly dividend from $0.94 to $1.04.
• Analysts have mixed ratings on Sun Communities with one leading firm lowering its rating from "hold" to "sell" while others maintain a hold or buy stance with a target price around $137.57.

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

A number of other institutional investors have also modified their holdings of the business. GAMMA Investing LLC lifted its stake in shares of Sun Communities by 23.8% in the 1st 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. increased its stake in Sun Communities by 11.6% in the 1st quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock valued at $149,000 after buying an additional 120 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Sun Communities by 9.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,042 shares of the real estate investment trust's stock valued at $520,000 after buying an additional 365 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Sun Communities during the 1st quarter worth $2,392,000. Finally, Amalgamated Bank increased its stake in shares of Sun Communities by 7.3% during the 1st quarter. Amalgamated Bank now owns 6,755 shares of the real estate investment trust's stock worth $869,000 after purchasing an additional 462 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on SUI. Jefferies Financial Group initiated coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price on the stock. Barclays initiated coverage on shares of Sun Communities in a research report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price target on the stock. Colliers Securities initiated coverage on shares of Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target on the stock. Royal Bank Of Canada reduced their price objective on shares of Sun Communities from $147.00 to $143.00 and set an "outperform" rating for the company in a report on Friday, August 1st. Finally, Bank of America raised their price objective on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. 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 company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $137.57.

Insider Buying and Selling at Sun Communities

In related news, Director Jeff Blau purchased 3,665 shares of Sun Communities stock in a transaction dated Friday, May 23rd. The stock was bought 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. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.77% of the stock is owned by company insiders.

Sun Communities Trading Down 1.2%

NYSE SUI traded down $1.58 during trading on Wednesday, reaching $125.25. 1,232,852 shares of the stock traded hands, compared to its average volume of 1,286,956. The firm has a market cap of $15.67 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 8.61 and a beta of 0.83. The stock's 50-day moving average price is $125.01 and its 200 day moving average price is $125.79. 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 fifty-two week low of $109.22 and a fifty-two week high of $147.83.

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 analysts' consensus estimates of $1.67 by $0.09. The firm had revenue of $623.50 million during the quarter, compared to analysts' expectations of $614.79 million. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. During the same quarter in the previous year, the company earned $1.86 earnings per share. Analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 3.3%. This is a boost from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date was Monday, June 30th. Sun Communities's dividend payout ratio is currently 40.70%.

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.