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8,605 Shares in Sun Communities, Inc. (NYSE:SUI) Acquired by Kentucky Retirement Systems

Sun Communities logo with Finance background

Kentucky Retirement Systems acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 8,605 shares of the real estate investment trust's stock, valued at approximately $1,107,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cohen & Steers Inc. raised its position in Sun Communities by 30.3% in the 4th quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock worth $2,013,414,000 after purchasing an additional 3,811,528 shares during the period. Dodge & Cox raised its position in Sun Communities by 61.1% in the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock worth $1,181,252,000 after purchasing an additional 3,644,853 shares during the period. FMR LLC raised its position in Sun Communities by 51.3% in the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock worth $973,660,000 after purchasing an additional 2,684,214 shares during the period. Norges Bank bought a new stake in Sun Communities in the 4th quarter worth $888,783,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Sun Communities by 19.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock worth $682,429,000 after acquiring an additional 911,857 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Stock Down 1.2%

NYSE:SUI traded down $1.50 during mid-day trading on Friday, hitting $126.63. 1,813,335 shares of the company's stock were exchanged, compared to its average volume of 850,478. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. The business has a fifty day moving average price of $124.25 and a 200 day moving average price of $125.42. The company has a market cap of $16.16 billion, a PE ratio of 204.25, a P/E/G ratio of 8.62 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings data 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. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The business had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same quarter in the previous year, the firm posted $1.19 earnings per share. Sun Communities's quarterly revenue was up .2% on a year-over-year basis. Equities analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a dividend of $1.04 per share. The ex-dividend date is Monday, June 30th. This represents a $4.16 annualized dividend and a yield of 3.29%. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's payout ratio is presently 606.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SUI shares. Robert W. Baird cut their price target on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Colliers Securities initiated coverage on shares of Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target on the stock. Royal Bank Of Canada cut their target price on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Truist Financial set a $137.00 target price on shares of Sun Communities and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Finally, Bank of America lifted their target price on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday, May 12th. Two investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $138.08.

View Our Latest Stock Analysis on Sun Communities

Insider Buying and Selling

In other news, Director Jeff Blau bought 3,665 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was acquired at an average cost of $117.99 per share, with a total value of $432,433.35. Following the completion of the acquisition, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.77% of the stock is currently owned by insiders.

About Sun Communities

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Sun Communities (NYSE:SUI)

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