Edgestream Partners L.P. Purchases Shares of 19,246 Sun Communities, Inc. (NYSE:SUI)

Edgestream Partners L.P. bought a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 19,246 shares of the real estate investment trust's stock, valued at approximately $2,476,000.

Several other hedge funds have also modified their holdings of SUI. Utah Retirement Systems raised its position in shares of Sun Communities by 0.5% during the 4th quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock worth $2,521,000 after purchasing an additional 100 shares during the last quarter. Cascade Investment Advisors Inc. raised its position in shares of Sun Communities by 1.0% during the 1st quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock worth $1,347,000 after purchasing an additional 100 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Sun Communities by 11.6% during the 1st quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after purchasing an additional 120 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Sun Communities by 17.2% during the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock worth $103,000 after purchasing an additional 123 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in shares of Sun Communities by 3.7% during the 4th quarter. Captrust Financial Advisors now owns 3,627 shares of the real estate investment trust's stock worth $446,000 after purchasing an additional 128 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Jeff Blau bought 3,665 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the acquisition, 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 filing with the SEC, which is available at this hyperlink. Company insiders own 1.77% of the company's stock.

Sun Communities Trading Up 0.5%

Shares of SUI stock traded up $0.57 during trading on Friday, hitting $125.17. 1,065,971 shares of the stock traded hands, compared to its average volume of 879,477. The firm has a market capitalization of $15.98 billion, a P/E ratio of 201.89, a price-to-earnings-growth ratio of 8.53 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 firm's fifty day moving average price is $124.85 and its 200-day moving average price is $125.77. 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 earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $538.63 million. During the same quarter last year, the firm earned $1.19 EPS. The firm's revenue for the quarter was up .2% on a year-over-year basis. As a group, research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal 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 issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 3.32%. The ex-dividend date is Monday, June 30th. This is an increase from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio (DPR) is 670.97%.

Wall Street Analysts Forecast Growth

SUI has been the subject of several research analyst reports. Bank of America upped their price target on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research report on Monday, May 12th. Barclays initiated coverage on shares of Sun Communities in a research report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price target for the company. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. JMP Securities reiterated a "market outperform" rating and issued a $140.00 price objective on shares of Sun Communities in a report on Tuesday, May 20th. Finally, Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $137.86.

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.