Illinois Municipal Retirement Fund Has $1.88 Million Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Illinois Municipal Retirement Fund raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 28.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,584 shares of the real estate investment trust's stock after acquiring an additional 3,264 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Sun Communities were worth $1,876,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. grew its position in Sun Communities by 11.6% in the first quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock valued at $149,000 after purchasing an additional 120 shares in the last quarter. Lecap Asset Management Ltd. bought a new position in shares of Sun Communities in the 1st quarter valued at about $2,725,000. Asset Management One Co. Ltd. raised its holdings in Sun Communities by 1.8% during the first quarter. Asset Management One Co. Ltd. now owns 227,479 shares of the real estate investment trust's stock worth $29,263,000 after acquiring an additional 4,017 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of Sun Communities by 14.5% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 52,774 shares of the real estate investment trust's stock valued at $6,789,000 after buying an additional 6,684 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Sun Communities by 9.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,042 shares of the real estate investment trust's stock valued at $520,000 after buying an additional 365 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Sun Communities news, Director Jeff Blau bought 3,665 shares of the business's stock in a transaction on Friday, May 23rd. The stock was purchased at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the purchase, the director directly owned 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 filing with the SEC, which is available through the SEC website. Corporate insiders own 1.77% of the company's stock.

Sun Communities Stock Performance

Shares of SUI stock traded up $0.76 on Thursday, hitting $129.26. The company's stock had a trading volume of 389,657 shares, compared to its average volume of 851,600. 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 1.01, a quick ratio of 2.25 and a current ratio of 2.25. The stock's 50 day moving average is $124.62 and its 200-day moving average is $125.50. The company has a market capitalization of $16.50 billion, a PE ratio of 208.48, a PEG ratio of 8.70 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results 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 company had revenue of $470.20 million for the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The business's revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the firm earned $1.19 earnings per share. Equities research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a dividend of $1.04 per share. This is a positive change 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 dividend yield of 3.22%. Sun Communities's dividend payout ratio (DPR) is currently 670.97%.

Analysts Set New Price Targets

A number of brokerages have commented on SUI. Truist Financial set a $137.00 price target on shares of Sun Communities and gave the company a "buy" rating in a research note on Tuesday, June 3rd. JMP Securities reaffirmed a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a report on Tuesday, May 20th. Barclays initiated coverage on Sun Communities in a report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price target for the company. Colliers Securities started coverage on Sun Communities in a research note on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 target price for the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $138.08.

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.