Citigroup Inc. Grows Stake in Sun Communities, Inc. $SUI

Key Points

• Citigroup Inc. increased its stake in Sun Communities, Inc. by 20.7% in the first quarter, owning a total of $9.61 million worth of stock as per the latest SEC filing.
• Sun Communities reported earnings of $1.76 EPS for the last quarter, exceeding analysts' expectations of $1.67, and achieved a revenue of $623.50 million.
• The company has also raised its quarterly dividend to $1.04 per share, signaling financial growth and a dividend yield of 3.3% for shareholders.

Citigroup Inc. raised its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 20.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 74,672 shares of the real estate investment trust's stock after purchasing an additional 12,788 shares during the quarter. Citigroup Inc. owned 0.06% of Sun Communities worth $9,606,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Sun Communities by 2.3% in the first quarter. Vanguard Group Inc. now owns 17,947,285 shares of the real estate investment trust's stock valued at $2,308,739,000 after purchasing an additional 403,923 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Sun Communities by 19.7% in the fourth 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 last quarter. Dimensional Fund Advisors LP lifted its position in Sun Communities by 2.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,829,816 shares of the real estate investment trust's stock valued at $225,012,000 after purchasing an additional 49,404 shares during the last quarter. Deutsche Bank AG lifted its position in Sun Communities by 103.7% in the first quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock valued at $207,294,000 after purchasing an additional 820,422 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Sun Communities by 3.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,364,311 shares of the real estate investment trust's stock valued at $167,769,000 after purchasing an additional 40,832 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

Insider Activity at Sun Communities

In related news, Director Jeff Blau bought 3,665 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, with a total value of $432,433.35. Following the completion of the purchase, the director owned 3,665 shares in the company, valued at approximately $432,433.35. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.89% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Morgan Stanley assumed coverage on Sun Communities in a report on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 target price for the company. Truist Financial upped their target price on Sun Communities from $137.00 to $141.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft set a $135.00 target price on Sun Communities and gave the company a "hold" rating in a report on Wednesday, June 25th. JMP Securities restated a "market outperform" rating and set a $140.00 target price on shares of Sun Communities in a report on Tuesday, May 20th. Finally, Barclays assumed coverage on Sun Communities in a report on Thursday, May 29th. They set an "overweight" rating and a $141.00 target price for the company. Six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Sun Communities currently has a consensus rating of "Hold" and a consensus target price of $138.43.

Sun Communities Stock Up 0.1%

SUI traded up $0.1340 during trading on Wednesday, reaching $127.1040. The stock had a trading volume of 175,712 shares, compared to its average volume of 873,742. The stock's 50 day moving average is $125.46 and its two-hundred day moving average is $125.75. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $15.91 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 6.47 and a beta of 0.83. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted 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 business 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 quarter in the prior year, the company earned $1.86 earnings per share. 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, analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $1.04 dividend. This is an increase from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Sun Communities's payout ratio is currently 40.70%.

About Sun Communities

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.