Kentucky Retirement Systems Insurance Trust Fund Purchases New Shares in Sun Communities, Inc. (NYSE:SUI)

Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,665 shares of the real estate investment trust's stock, valued at approximately $471,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SUI. Opal Wealth Advisors LLC acquired a new position in Sun Communities in the 1st quarter valued at approximately $29,000. Aster Capital Management DIFC Ltd increased its position in Sun Communities by 263.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 232 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock worth $49,000 after buying an additional 124 shares during the period. Parallel Advisors LLC increased its position in shares of Sun Communities by 66.4% during the first quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock worth $61,000 after buying an additional 190 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Sun Communities by 510.4% during the first quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock worth $75,000 after buying an additional 490 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Down 1.2%

NYSE:SUI traded down $1.50 during trading hours on Friday, reaching $126.63. The company had a trading volume of 1,813,335 shares, compared to its average volume of 850,478. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The firm has a market cap of $16.16 billion, a price-to-earnings ratio of 204.25, a P/E/G ratio of 8.63 and a beta of 0.86. The business's 50-day simple moving average is $124.25 and its two-hundred day simple moving average is $125.44. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 1.01.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data 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 2.85% and a return on equity of 1.41%. The firm had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same period last year, the firm earned $1.19 earnings per share. The business's quarterly revenue was up .2% compared to the same quarter last year. On average, equities analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.29%. 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. Sun Communities's dividend payout ratio (DPR) is 606.45%.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, Director Jeff Blau acquired 3,665 shares of the company's stock in a transaction on Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, with a total value of $432,433.35. Following the completion of the purchase, the director now owns 3,665 shares of the company's stock, valued at approximately $432,433.35. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.89% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SUI shares. Robert W. Baird decreased their price objective on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Bank of America increased their price objective 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 shares of Sun Communities and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. JMP Securities reiterated a "market outperform" rating and set a $140.00 price objective on shares of Sun Communities in a research report on Tuesday, May 20th. Finally, Wall Street Zen cut shares of Sun Communities from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Sun Communities presently has a consensus rating of "Hold" and a consensus price target of $138.08.

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.