Anson Funds Management LP Boosts Position in Sun Communities, Inc. $SUI

Key Points

• Anson Funds Management LP increased its holdings in Sun Communities, Inc. by 67.9% during Q1, owning 36,920 shares worth approximately $4.75 million.
• Sun Communities reported earnings of $1.76 per share, exceeding estimates, with revenue reaching $623.5 million in the latest quarter.
• The company announced a quarterly dividend of $1.04 per share, representing a dividend yield of 3.2%, payable on October 15th, 2023.

Anson Funds Management LP lifted its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 67.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,920 shares of the real estate investment trust's stock after purchasing an additional 14,930 shares during the quarter. Sun Communities accounts for approximately 0.7% of Anson Funds Management LP's portfolio, making the stock its 28th largest holding. Anson Funds Management LP's holdings in Sun Communities were worth $4,749,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SUI. Dodge & Cox grew its stake in shares of Sun Communities by 42.1% during the 1st quarter. Dodge & Cox now owns 13,647,820 shares of the real estate investment trust's stock worth $1,755,656,000 after purchasing an additional 4,041,802 shares during the period. Nuveen LLC acquired a new stake in shares of Sun Communities during the 1st quarter worth approximately $112,395,000. Deutsche Bank AG grew its stake in shares of Sun Communities by 103.7% during the 1st quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock worth $207,294,000 after purchasing an additional 820,422 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Sun Communities by 10.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,118,054 shares of the real estate investment trust's stock worth $787,029,000 after purchasing an additional 568,514 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Sun Communities during the 1st quarter worth approximately $67,256,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Trading Down 0.4%

Shares of NYSE:SUI traded down $0.54 during midday trading on Tuesday, reaching $128.12. 421,355 shares of the company's stock were exchanged, compared to its average volume of 872,000. The firm's 50 day simple moving average is $125.78 and its two-hundred day simple moving average is $125.69. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.08 and a quick ratio of 7.08. The stock has a market cap of $16.03 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 6.71 and a beta of 0.86. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $146.99.

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

Sun Communities Announces Dividend

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

Wall Street Analysts Forecast Growth

SUI has been the topic of a number of analyst reports. Wells Fargo & Company dropped their price objective on shares of Sun Communities from $135.00 to $132.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 27th. Morgan Stanley set a $142.00 target price on Sun Communities in a research report on Thursday, September 4th. Truist Financial increased their target price on Sun Communities from $137.00 to $141.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Colliers Securities assumed coverage on Sun Communities in a research report on Friday, June 13th. They set a "neutral" rating and a $130.00 target price on the stock. Finally, JMP Securities reiterated a "market outperform" rating and set a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $137.86.

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.