Bank of New York Mellon Corp Has $72.45 Million Stake in Sun Communities, Inc. (NYSE:SUI)

Bank of New York Mellon Corp raised its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 563,158 shares of the real estate investment trust's stock after purchasing an additional 10,270 shares during the quarter. Bank of New York Mellon Corp owned 0.44% of Sun Communities worth $72,445,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in shares of Sun Communities in the first quarter worth approximately $29,000. Aster Capital Management DIFC Ltd raised its stake in shares of Sun Communities by 263.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 232 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Sun Communities by 66.4% in the first quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock worth $61,000 after purchasing an additional 190 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Sun Communities by 510.4% in the first quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock worth $75,000 after purchasing an additional 490 shares during the last quarter. Finally, Natixis purchased a new stake in shares of Sun Communities during the fourth quarter valued at approximately $90,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Down 0.6%

Shares of Sun Communities stock traded down $0.72 during trading hours on Tuesday, hitting $124.51. The company's stock had a trading volume of 1,454,510 shares, compared to its average volume of 868,935. The business has a fifty day moving average of $124.80 and a 200 day moving average of $125.76. The company has a market capitalization of $15.89 billion, a PE ratio of 200.82, a P/E/G ratio of 8.55 and a beta of 0.86. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 1.01.

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

Sun Communities Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, June 30th. This represents a $4.16 dividend on an annualized basis and a yield of 3.34%. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's payout ratio is presently 670.97%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Royal Bank Of Canada decreased their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Wall Street Zen downgraded Sun Communities from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. 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 for the company. JMP Securities reissued a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 target price on Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $137.86.

Insider Activity at Sun Communities

In other news, Director Jeff Blau bought 3,665 shares of the business's stock in a transaction 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 acquisition, the director owned 3,665 shares in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.89% of the stock is owned by company insiders.

Sun Communities 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.