Sun Communities, Inc. $SUI Shares Sold by Harvest Portfolios Group Inc.

Key Points

• Harvest Portfolios Group Inc. reduced its stake in Sun Communities, Inc. by 9.0%, now holding 27,589 shares valued at approximately $3.55 million.
• Sun Communities announced a quarterly dividend increase to $1.04 per share, reflecting a dividend yield of 3.3% and a payout ratio of 40.70%.
• The stock experienced a 0.7% decline, with a current market capitalization of $15.78 billion and a PE ratio of 12.34.

Harvest Portfolios Group Inc. trimmed its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 9.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,589 shares of the real estate investment trust's stock after selling 2,742 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in Sun Communities were worth $3,549,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. First Trust Advisors LP increased its position in Sun Communities by 8.7% in the 4th quarter. First Trust Advisors LP now owns 19,845 shares of the real estate investment trust's stock worth $2,440,000 after purchasing an additional 1,594 shares during the last quarter. Northern Trust Corp boosted its position in shares of Sun Communities by 48.3% in the 4th quarter. Northern Trust Corp now owns 1,107,394 shares of the real estate investment trust's stock worth $136,176,000 after purchasing an additional 360,774 shares during the last quarter. Utah Retirement Systems lifted its holdings in Sun Communities by 0.5% during the fourth quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock worth $2,521,000 after acquiring an additional 100 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Sun Communities in the 4th quarter valued at about $716,000. Finally, Mercer Global Advisors Inc. ADV increased its position in Sun Communities by 112.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,196 shares of the real estate investment trust's stock worth $1,008,000 after buying an additional 4,342 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

NYSE SUI traded up $1.38 on Friday, reaching $126.94. 854,946 shares of the company's stock traded hands, compared to its average volume of 876,343. The firm has a market cap of $15.89 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 6.53 and a beta of 0.83. The stock has a 50 day moving average price of $125.66 and a 200-day moving average price of $125.77. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The company has a debt-to-equity ratio of 0.55, a quick ratio of 7.08 and a current ratio of 7.08.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share 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 analysts' expectations of $614.79 million. During the same quarter in the previous year, the company earned $1.86 earnings per share. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. Equities research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid 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 yield of 3.3%. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is currently 40.70%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SUI. Bank of America boosted their price target on Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday, May 12th. Morgan Stanley started coverage on shares of Sun Communities in a research report on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 target price on the stock. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the company a "hold" rating in a research report on Wednesday, June 25th. Wells Fargo & Company lowered their price objective on shares of Sun Communities from $135.00 to $132.00 and set an "equal weight" rating for the company in a research note on Wednesday. Finally, Truist Financial upped their price objective on shares of Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Sun Communities currently has a consensus rating of "Hold" and an average target price of $138.21.

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.