Sun Communities, Inc. (NYSE:SUI) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC increased its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 15,820.3% in the first quarter, according to its most recent 13F filing with the Securities & 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 quarter. GAMMA Investing LLC owned 0.11% of Sun Communities worth $17,326,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SUI. Utah Retirement Systems increased its holdings in Sun Communities by 0.5% in the fourth quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock valued at $2,521,000 after buying an additional 100 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in Sun Communities by 17.2% in the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after purchasing an additional 123 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in Sun Communities by 45.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 124 shares during the last quarter. Argonautica Private Wealth Management Inc. increased its holdings in Sun Communities by 4.5% during the 4th quarter. Argonautica Private Wealth Management Inc. now owns 2,901 shares of the real estate investment trust's stock valued at $357,000 after acquiring an additional 126 shares in the last quarter. Finally, Captrust Financial Advisors raised 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 acquiring an additional 128 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SUI shares. Jefferies Financial Group initiated coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price on the stock. JMP Securities restated a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a report on Tuesday, May 20th. Royal Bank of Canada lowered their price target on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Bank of America lifted their target price 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, Barclays initiated coverage on Sun Communities in a report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $139.09.

Sun Communities Trading Down 0.3%

Shares of NYSE SUI traded down $0.31 during midday trading on Friday, hitting $124.48. The stock had a trading volume of 1,053,838 shares, compared to its average volume of 840,574. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83. The company has a market capitalization of $15.89 billion, a price-to-earnings ratio of 66.92 and a beta of 0.86. The company has a fifty day moving average price of $123.08 and a 200 day moving average price of $125.48.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results 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. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $470.20 million for the quarter, compared to analysts' expectations of $538.63 million. During the same period in the previous year, the company posted $1.19 earnings per share. Sun Communities's revenue was up .2% compared to the same quarter last year. On average, analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The business also recently declared 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 is an increase from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend is Monday, June 30th. Sun Communities's dividend payout ratio is currently 606.45%.

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.