Asset Management One Co. Ltd. Purchases 4,017 Shares of Sun Communities, Inc. (NYSE:SUI)

Asset Management One Co. Ltd. raised its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 227,479 shares of the real estate investment trust's stock after purchasing an additional 4,017 shares during the period. Asset Management One Co. Ltd. owned approximately 0.18% of Sun Communities worth $29,263,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in Sun Communities in the fourth quarter valued at about $888,783,000. Cohen & Steers Inc. raised 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 during the period. Dodge & Cox lifted its holdings in shares of Sun Communities by 61.1% during the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock valued at $1,181,252,000 after purchasing an additional 3,644,853 shares in the last quarter. FMR LLC grew its position in shares of Sun Communities by 51.3% in 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 purchasing an additional 2,684,214 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Sun Communities by 19.7% in 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 purchasing an additional 911,857 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Sun Communities

In related news, Director Jeff Blau acquired 3,665 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were bought at an average cost of $117.99 per share, with a total value of $432,433.35. Following the completion of the transaction, the director now directly owns 3,665 shares of the company's stock, valued at $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.89% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Truist Financial set a $137.00 price target on shares of Sun Communities and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Barclays assumed coverage on shares of Sun Communities in a research note on Thursday, May 29th. They issued an "overweight" rating and a $141.00 target price for the company. Robert W. Baird dropped their price target on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Jefferies Financial Group assumed coverage on Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target on the stock. Finally, Colliers Securities assumed coverage on Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $138.08.

Sun Communities Stock Performance

NYSE SUI traded down $1.08 on Wednesday, hitting $127.02. 659,044 shares of the stock were exchanged, compared to its average volume of 806,091. The company has a market capitalization of $16.21 billion, a PE ratio of 204.87, a P/E/G ratio of 8.71 and a beta of 0.86. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. The business's fifty day moving average is $123.98 and its 200 day moving average is $125.33. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83.

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

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Monday, June 30th. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is 606.45%.

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.