Cannon Global Investment Management LLC Acquires Shares of 11,900 Sun Communities, Inc. $SUI

Key Points

• Cannon Global Investment Management opened a new position in Sun Communities, buying 11,900 shares valued at about $1.5 million. The stake makes SUI the firm’s third-largest holding and about 2.9% of its portfolio.
• Sun Communities reported a mixed latest quarter, missing earnings estimates with EPS of -$0.07 but topping revenue expectations at $500.5 million, up 8% year over year. The company also reaffirmed guidance, forecasting Q2 2026 EPS of 1.71-1.79 and FY 2026 EPS of 6.87-7.07.
• The REIT announced a quarterly dividend of $1.12 per share, implying a 3.8% annual yield, while analysts maintain a generally positive outlook with a consensus rating of Moderate Buy and an average price target of $141.12.

Cannon Global Investment Management LLC acquired a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 11,900 shares of the real estate investment trust's stock, valued at approximately $1,499,000. Sun Communities comprises approximately 2.9% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 3rd largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Dodge & Cox lifted its position in Sun Communities by 2.0% in the third quarter. Dodge & Cox now owns 14,480,815 shares of the real estate investment trust's stock worth $1,868,025,000 after buying an additional 282,055 shares during the last quarter. Norges Bank bought a new position in Sun Communities during the fourth quarter valued at $753,364,000. State Street Corp increased its position in Sun Communities by 4.2% during the third quarter. State Street Corp now owns 5,383,984 shares of the real estate investment trust's stock valued at $699,862,000 after acquiring an additional 214,634 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Sun Communities by 12.4% in the fourth quarter. Wellington Management Group LLP now owns 5,039,870 shares of the real estate investment trust's stock valued at $624,490,000 after acquiring an additional 554,075 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Sun Communities by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,338,358 shares of the real estate investment trust's stock valued at $288,937,000 after acquiring an additional 9,539 shares during the period. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Stock Down 1.2%

NYSE:SUI opened at $118.46 on Friday. Sun Communities, Inc. has a twelve month low of $115.53 and a twelve month high of $137.85. The company has a market cap of $14.60 billion, a price-to-earnings ratio of 10.76, a price-to-earnings-growth ratio of 3.94 and a beta of 0.79. The stock has a fifty day simple moving average of $124.62 and a 200-day simple moving average of $126.85. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.60.

Sun Communities (NYSE:SUI - Get Free Report) last issued its earnings results on Monday, April 27th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.31 by ($1.38). The company had revenue of $500.50 million for the quarter, compared to analysts' expectations of $472.40 million. Sun Communities had a net margin of 62.29% and a return on equity of 0.16%. The firm's revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.26 earnings per share. Sun Communities has set its Q2 2026 guidance at 1.710-1.790 EPS and its FY 2026 guidance at 6.870-7.070 EPS. Analysts anticipate that Sun Communities, Inc. will post 6.94 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Sun Communities's payout ratio is 40.69%.

Analysts Set New Price Targets

A number of equities analysts recently commented on SUI shares. Deutsche Bank Aktiengesellschaft set a $133.00 price target on shares of Sun Communities in a research note on Thursday, May 14th. Mizuho began coverage on shares of Sun Communities in a research report on Tuesday, March 31st. They issued an "outperform" rating and a $143.00 price objective on the stock. Robert W. Baird raised their price objective on shares of Sun Communities from $136.00 to $140.00 and gave the stock a "neutral" rating in a research note on Friday, March 6th. Weiss Ratings lowered Sun Communities from a "buy (b-)" rating to a "hold (c)" rating in a research report on Friday, May 1st. Finally, Zelman & Associates started coverage on Sun Communities in a research note on Monday, March 16th. They set an "outperform" rating and a $127.75 target price on the stock. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $141.12.

Insider Transactions at Sun Communities

In other news, Director Gary A. Shiffman sold 25,031 shares of Sun Communities stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $119.96, for a total transaction of $3,002,718.76. Following the completion of the sale, the director owned 857,761 shares of the company's stock, valued at approximately $102,897,009.56. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $124.43, for a total value of $2,955,212.50. Following the completion of the sale, the executive vice president owned 9,998 shares of the company's stock, valued at $1,244,051.14. The trade was a 70.37% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.58% of the stock is owned by corporate insiders.

Sun Communities Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company's portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.