Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 9.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 187,944 shares of the real estate investment trust's stock after purchasing an additional 16,431 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.15% of Sun Communities worth $24,177,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in Sun Communities by 23.8% during the first quarter. GAMMA Investing LLC now owns 1,047 shares of the real estate investment trust's stock worth $135,000 after purchasing an additional 201 shares during the period. Bessemer Group Inc. lifted its holdings in shares of 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. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Sun Communities by 9.9% in the first 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 position in shares of Sun Communities in the first quarter valued at approximately $2,392,000. Finally, Amalgamated Bank lifted its holdings in shares of Sun Communities by 7.3% in the first 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. 99.59% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently commented on SUI. Robert W. Baird lifted their price target on Sun Communities from $126.00 to $134.00 and gave the stock a "neutral" rating in a report on Monday. Deutsche Bank Aktiengesellschaft set a $135.00 target price on Sun Communities and gave the company a "hold" rating in a research note on Wednesday, June 25th. Barclays began coverage on Sun Communities in a research report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price target for the company. Royal Bank Of Canada reduced their price target on Sun Communities from $147.00 to $143.00 and set an "outperform" rating for the company in a research report on Friday, August 1st. Finally, Wall Street Zen upgraded Sun Communities from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $138.43.
Read Our Latest Research Report on SUI
Insider Buying and Selling
In other news, Director Jeff Blau purchased 3,665 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were acquired 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 in the company, valued at $432,433.35. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.77% of the company's stock.
Sun Communities Trading Down 0.7%
Shares of NYSE SUI traded down $0.96 during midday trading on Thursday, reaching $127.04. 604,787 shares of the stock were exchanged, compared to its average volume of 878,673. The company has a 50 day simple moving average of $125.35 and a 200 day simple moving average of $125.77. The stock has a market capitalization of $15.90 billion, a P/E ratio of 12.43, a PEG ratio of 6.50 and a beta of 0.83. 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, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83.
Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.09. The business had revenue of $623.50 million during the quarter, compared to analysts' expectations of $614.79 million. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%. During the same quarter last year, the business posted $1.86 EPS. As a group, 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 was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were paid 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 yield of 3.3%. The ex-dividend date was Monday, June 30th. Sun Communities's dividend payout ratio (DPR) is presently 40.70%.
Sun Communities Profile
(
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.
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