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 lowered its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 17.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new stake in shares of Sun Communities in the first quarter valued at approximately $29,000. Parallel Advisors LLC grew its stake in Sun Communities by 66.4% during the first quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after acquiring an additional 190 shares in the last quarter. Avalon Trust Co purchased a new position in Sun Communities during the first quarter valued at approximately $65,000. Blue Trust Inc. grew its stake in Sun Communities by 510.4% during the first quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock valued at $75,000 after acquiring an additional 490 shares in the last quarter. Finally, Natixis purchased a new position in Sun Communities during the fourth quarter valued at approximately $90,000. Institutional investors own 99.59% of the company's stock.

Sun Communities Trading Up 0.4%

Shares of Sun Communities stock traded up $0.50 during trading on Friday, reaching $127.71. The company's stock had a trading volume of 638,738 shares, compared to its average volume of 1,165,275. The firm's 50-day moving average is $125.46 and its two-hundred day moving average is $125.75. Sun Communities, Inc. has a 52-week low of $109.22 and a 52-week high of $147.83. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. The company has a market cap of $15.98 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 6.59 and a beta of 0.83.

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

Sun Communities Increases Dividend

The company also recently declared 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 was Monday, June 30th. This represents a $4.16 dividend on an annualized basis and a yield of 3.3%. This is an increase from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio (DPR) is currently 40.70%.

Insider Buying and Selling

In other news, Director Jeff Blau purchased 3,665 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the acquisition, the director directly owned 3,665 shares of the company's stock, valued at $432,433.35. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.77% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SUI shares. JMP Securities reaffirmed a "market outperform" rating and set a $140.00 price objective on shares of Sun Communities in a research note on Tuesday, May 20th. Robert W. Baird boosted their price objective on shares of Sun Communities from $126.00 to $134.00 and gave the company a "neutral" rating in a research note on Monday, August 11th. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the stock a "hold" rating in a research note on Wednesday, June 25th. Bank of America boosted their price target on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research note on Monday, May 12th. Finally, Colliers Securities initiated coverage on shares of Sun Communities in a research note on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target 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.