GAMMA Investing LLC Increases Holdings in Sun Communities, Inc. (NYSE:SUI)

GAMMA Investing LLC raised its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 15,820.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 134,686 shares of the real estate investment trust's stock after purchasing an additional 133,840 shares during the period. GAMMA Investing LLC owned 0.11% of Sun Communities worth $17,326,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Blue Trust Inc. increased its position in Sun Communities by 86.2% in the 4th quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust's stock valued at $157,000 after buying an additional 539 shares in the last quarter. abrdn plc increased its holdings in shares of Sun Communities by 343.5% during the fourth quarter. abrdn plc now owns 277,988 shares of the real estate investment trust's stock valued at $34,098,000 after acquiring an additional 215,314 shares in the last quarter. Choreo LLC raised its position in shares of Sun Communities by 37.1% during the fourth quarter. Choreo LLC now owns 5,741 shares of the real estate investment trust's stock worth $705,000 after purchasing an additional 1,553 shares during the period. Vanderbilt University acquired a new position in shares of Sun Communities during the fourth quarter worth approximately $1,122,000. Finally, RNC Capital Management LLC bought a new position in shares of Sun Communities in the 4th quarter worth $203,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on SUI. Bank of America boosted their target price 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. Truist Financial set a $137.00 price objective on Sun Communities and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Jefferies Financial Group assumed coverage on Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price on the stock. Robert W. Baird decreased their price target on Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, Barclays assumed coverage on Sun Communities in a research report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $139.09.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, Director Jeff Blau bought 3,665 shares of Sun Communities stock in a transaction dated 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 completion of the purchase, the director now directly owns 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 legal filing with the SEC, which is accessible through this link. 1.77% of the stock is owned by corporate insiders.

Sun Communities Stock Performance

Shares of Sun Communities stock traded up $0.67 during trading hours on Monday, hitting $125.11. 742,773 shares of the company's stock traded hands, compared to its average volume of 841,212. The stock has a market capitalization of $15.97 billion, a price-to-earnings ratio of 67.26 and a beta of 0.86. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The company has a fifty day simple moving average of $123.00 and a 200-day simple moving average of $125.44.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. The business had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company's revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.19 earnings per share. Equities research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a $1.04 dividend. This is an increase from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, June 30th. This represents a $4.16 annualized dividend and a yield of 3.33%. Sun Communities's dividend payout ratio 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.