Forsta AP Fonden Sells 3,500 Shares of Sun Communities, Inc. (NYSE:SUI)

Key Points

• Forsta AP Fonden has reduced its holdings in Sun Communities, Inc. by 17.1%, resulting in a stock position worth $2.19 million after selling 3,500 shares in the first quarter.
• Director Jeff Blau acquired 3,665 shares of Sun Communities at an average price of $117.99, increasing his ownership of the stock significantly.
• Sun Communities raised its quarterly dividend from $0.94 to $1.04 per share, reflecting a positive change and an annual yield of 3.3% for investors.

Forsta AP Fonden trimmed its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 17.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 17,000 shares of the real estate investment trust's stock after selling 3,500 shares during the period. Forsta AP Fonden's holdings in Sun Communities were worth $2,187,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Citigroup Inc. boosted its stake in Sun Communities by 20.7% in the first quarter. Citigroup Inc. now owns 74,672 shares of the real estate investment trust's stock valued at $9,606,000 after acquiring an additional 12,788 shares during the last quarter. Swiss National Bank boosted its stake in Sun Communities by 2.0% in the first quarter. Swiss National Bank now owns 359,260 shares of the real estate investment trust's stock valued at $46,215,000 after acquiring an additional 7,100 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Sun Communities by 9.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 187,944 shares of the real estate investment trust's stock valued at $24,177,000 after acquiring an additional 16,431 shares during the last quarter. Deutsche Bank AG boosted its stake 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 acquiring an additional 820,422 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Sun Communities by 1.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,140,855 shares of the real estate investment trust's stock valued at $146,760,000 after acquiring an additional 17,415 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Sun Communities Price Performance

Shares of NYSE:SUI traded up $0.50 during trading on Friday, reaching $127.71. The company had a trading volume of 638,738 shares, compared to its average volume of 879,543. The company has a fifty day moving average of $125.39 and a two-hundred day moving average of $125.74. The stock has a market capitalization of $15.98 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 6.61 and a beta of 0.83. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, topping analysts' consensus estimates of $1.67 by $0.09. The firm had revenue of $623.50 million for the quarter, compared to analyst estimates of $614.79 million. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. During the same quarter in the prior year, the firm earned $1.86 EPS. Equities research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

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

Insider Activity at Sun Communities

In other Sun Communities news, Director Jeff Blau bought 3,665 shares of Sun Communities stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average price of $117.99 per share, with a total value of $432,433.35. Following the acquisition, the director owned 3,665 shares in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SUI. JMP Securities reiterated a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a research note on Tuesday, May 20th. Wall Street Zen upgraded shares of Sun Communities from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Truist Financial upped their price target on shares of Sun Communities from $137.00 to $141.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. 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. Finally, Bank of America upped their price target on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday, May 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $138.43.

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.