Edgestream Partners L.P. Makes New $2.48 Million Investment in Sun Communities, Inc. (NYSE:SUI)

Edgestream Partners L.P. acquired a new position in Sun Communities, Inc. (NYSE:SUI - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 19,246 shares of the real estate investment trust's stock, valued at approximately $2,476,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Utah Retirement Systems raised its stake in 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 valued at $2,521,000 after acquiring an additional 100 shares during the last quarter. Cascade Investment Advisors Inc. boosted its position in shares of Sun Communities by 1.0% during the first quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock worth $1,347,000 after buying an additional 100 shares during the period. Bessemer Group Inc. raised its stake in 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 valued at $149,000 after purchasing an additional 120 shares during the period. Quadrant Capital Group LLC increased its position in Sun Communities by 17.2% during the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock worth $103,000 after buying an additional 123 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in Sun Communities by 3.7% during the fourth quarter. Captrust Financial Advisors now owns 3,627 shares of the real estate investment trust's stock worth $446,000 after buying an additional 128 shares in the last quarter. 99.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on SUI. Colliers Securities started coverage on Sun Communities in a research note on Friday, June 13th. They set a "neutral" rating and a $130.00 price target for the company. Wall Street Zen downgraded shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the company a "hold" rating in a research note on Wednesday, June 25th. Robert W. Baird lowered their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Bank of America raised their target price on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday, May 12th. Two investment 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $137.86.

Insider Buying and Selling at Sun Communities

In related news, Director Jeff Blau acquired 3,665 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the purchase, the director directly owned 3,665 shares of the company's stock, valued at $432,433.35. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 1.89% of the stock is owned by insiders.

Sun Communities Stock Performance

SUI stock traded down $0.23 during midday trading on Monday, reaching $125.07. The stock had a trading volume of 519,500 shares, compared to its average volume of 879,308. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.25 and a current ratio of 2.25. Sun Communities, Inc. has a 52-week low of $109.22 and a 52-week high of $147.83. The stock has a market cap of $15.96 billion, a PE ratio of 201.72, a P/E/G ratio of 8.51 and a beta of 0.86. The firm has a fifty day simple moving average of $124.85 and a two-hundred day simple moving average of $125.82.

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, beating analysts' consensus estimates of $1.18 by $0.08. The company had revenue of $470.20 million during the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The firm's revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 EPS. As a group, equities research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $1.04 per share. This is a boost from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Monday, June 30th. Sun Communities's dividend payout ratio (DPR) is presently 670.97%.

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.