Baillie Gifford & Co. Lowers Holdings in Sun Communities, Inc. (NYSE:SUI)

Key Points

• Baillie Gifford & Co. has reduced its stake in Sun Communities, Inc. by 8.4%, now holding 37,713 shares worth approximately $4.85 million.
• Sun Communities has recently increased its quarterly dividend to $1.04 per share, yielding 3.48%, up from the previous $0.94.
• The company reported earnings per share (EPS) of $1.26 for the last quarter, exceeding analyst expectations, though revenue fell short of projections.

Baillie Gifford & Co. lowered its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 8.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 37,713 shares of the real estate investment trust's stock after selling 3,469 shares during the quarter. Baillie Gifford & Co.'s holdings in Sun Communities were worth $4,851,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SUI. Opal Wealth Advisors LLC purchased a new position in shares of Sun Communities in the 1st quarter valued at approximately $29,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Sun Communities by 263.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 232 shares during the period. Parallel Advisors LLC lifted its stake in shares of Sun Communities by 66.4% in the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after purchasing an additional 190 shares during the period. Blue Trust Inc. lifted its stake in shares of Sun Communities by 510.4% in the 1st quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock valued at $75,000 after purchasing an additional 490 shares during the period. Finally, Natixis purchased a new position in shares of Sun Communities in the 4th quarter valued at approximately $90,000. Hedge funds and other institutional investors own 99.59% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on SUI shares. Jefferies Financial Group assumed coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price for the company. Barclays assumed coverage on Sun Communities in a research report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price objective for the company. Morgan Stanley assumed coverage on Sun Communities in a research report on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 price objective for the company. Colliers Securities assumed coverage on Sun Communities in a research report on Friday, June 13th. They set a "neutral" rating and a $130.00 price objective for the company. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $140.00 price objective on shares of Sun Communities in a research report on Tuesday, May 20th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, Sun Communities currently has a consensus rating of "Hold" and an average price target of $137.86.

Sun Communities Stock Performance

Shares of SUI traded down $0.85 during trading hours on Wednesday, hitting $118.83. The stock had a trading volume of 100,066 shares, compared to its average volume of 834,657. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The firm has a market capitalization of $15.17 billion, a PE ratio of 191.66, a PEG ratio of 7.97 and a beta of 0.86. The stock has a fifty day moving average price of $124.70 and a 200 day moving average price of $125.77.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS 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 company had revenue of $470.20 million during the quarter, compared to analyst estimates of $538.63 million. During the same quarter in the previous year, the company posted $1.19 earnings per share. Sun Communities's revenue was up .2% compared to the same quarter last year. Analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a dividend of $1.04 per share. 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. This represents a $4.16 annualized dividend and a yield of 3.50%. Sun Communities's payout ratio is 670.97%.

Insiders Place Their Bets

In related news, Director Jeff Blau bought 3,665 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the transaction, the director owned 3,665 shares of the company's stock, valued at approximately $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.