Invesco Ltd. Has $36.54 Million Stock Holdings in Sun Communities, Inc. $SUI

Key Points

• Invesco Ltd. increased its stake in Sun Communities, Inc. by 4.1%, owning 284,034 shares valued at approximately $36.54 million as of its latest SEC filing.
• Sun Communities recently announced a quarterly dividend increase from $0.94 to $1.04, marking an annualized yield of 3.3% with a dividend payout ratio of 40.70%.
• The stock of Sun Communities has remained relatively stable, opening at $125.39 on Tuesday, which is close to its 50-day moving average of $125.46.

Invesco Ltd. grew its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 284,034 shares of the real estate investment trust's stock after buying an additional 11,120 shares during the period. Invesco Ltd. owned 0.22% of Sun Communities worth $36,538,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of Sun Communities by 23.8% in the first quarter. GAMMA Investing LLC now owns 1,047 shares of the real estate investment trust's stock valued at $135,000 after buying an additional 201 shares during the period. Bessemer Group Inc. boosted its position in shares of Sun Communities by 11.6% during the 1st 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. Cambridge Investment Research Advisors Inc. boosted its position in shares of Sun Communities by 9.9% during 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 purchasing an additional 365 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Sun Communities during the 1st quarter valued at about $2,392,000. Finally, Amalgamated Bank boosted its position in shares of Sun Communities by 7.3% during the 1st quarter. Amalgamated Bank now owns 6,755 shares of the real estate investment trust's stock valued at $869,000 after purchasing an additional 462 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Down 1.9%

SUI stock opened at $125.39 on Tuesday. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month 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 stock's 50 day moving average is $125.46 and its 200-day moving average is $125.74. The firm has a market capitalization of $15.69 billion, a PE ratio of 12.27, a P/E/G ratio of 6.59 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its earnings results 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 negative return on equity of 0.60% and a net margin of 48.86%. The company had revenue of $623.50 million for the quarter, compared to analyst estimates of $614.79 million. During the same quarter last year, the company earned $1.86 earnings per share. Sell-side analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a $1.04 dividend. This is a boost from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, June 30th. Sun Communities's dividend payout ratio is 40.70%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SUI. Barclays began coverage on Sun Communities in a research report on Thursday, May 29th. They set an "overweight" rating and a $141.00 target price on the stock. Deutsche Bank Aktiengesellschaft set a $135.00 target price on Sun Communities and gave the company a "hold" rating in a research report on Wednesday, June 25th. Truist Financial upped their target price on Sun Communities from $137.00 to $141.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Royal Bank Of Canada cut their target price on Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research report on Friday, August 1st. Finally, Bank of America increased their price target on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $138.43.

Insider Buying and Selling at Sun Communities

In related news, Director Jeff Blau bought 3,665 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were bought at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the acquisition, the director directly owned 3,665 shares of the company's stock, valued at $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 can be accessed through this link. 1.89% of the stock is owned by corporate insiders.

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.

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