Norges Bank Acquires Shares of 6,079,930 Sun Communities, Inc. $SUI

Key Points

• Norges Bank disclosed a new stake in Sun Communities, buying 6,079,930 shares valued at about $753.4 million, giving it roughly 4.92% ownership of the REIT.
• Several other institutional investors also adjusted positions, while insiders sold shares recently; over the last 90 days, insiders sold 30,750 shares worth about $3.9 million.
• Sun Communities recently raised its quarterly dividend to $1.12 per share, but its latest earnings report missed EPS expectations even as revenue came in above estimates.

Norges Bank acquired a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,079,930 shares of the real estate investment trust's stock, valued at approximately $753,364,000. Norges Bank owned about 4.92% of Sun Communities as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SUI. AQR Capital Management LLC increased its stake in Sun Communities by 17.8% in the 1st quarter. AQR Capital Management LLC now owns 12,076 shares of the real estate investment trust's stock valued at $1,554,000 after buying an additional 1,827 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Sun Communities by 21.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 195,339 shares of the real estate investment trust's stock worth $25,128,000 after purchasing an additional 33,981 shares during the last quarter. Empowered Funds LLC grew its stake in Sun Communities by 32.5% in the 1st quarter. Empowered Funds LLC now owns 3,376 shares of the real estate investment trust's stock valued at $434,000 after buying an additional 829 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Sun Communities in the 1st quarter valued at approximately $362,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Sun Communities by 26.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 673 shares of the real estate investment trust's stock valued at $85,000 after buying an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Clunet R. Lewis sold 3,200 shares of the company's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $136.15, for a total value of $435,680.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Fernando Castro-Caratini sold 23,750 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $124.43, for a total transaction of $2,955,212.50. Following the completion of the sale, the executive vice president owned 9,998 shares in the company, valued at approximately $1,244,051.14. This trade represents a 70.37% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 30,750 shares of company stock worth $3,907,731. Corporate insiders own 1.58% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on SUI. Deutsche Bank Aktiengesellschaft set a $133.00 price objective on shares of Sun Communities in a research note on Thursday, May 14th. Truist Financial dropped their price objective on shares of Sun Communities from $147.00 to $141.00 and set a "buy" rating for the company in a report on Tuesday, May 5th. Zelman & Associates started coverage on shares of Sun Communities in a research note on Monday, March 16th. They issued an "outperform" rating and a $127.75 price target for the company. Robert W. Baird boosted their price target on shares of Sun Communities from $136.00 to $140.00 and gave the stock a "neutral" rating in a research note on Friday, March 6th. Finally, Royal Bank Of Canada boosted their price target on shares of Sun Communities from $148.00 to $151.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 29th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $141.27.

Sun Communities Stock Performance

Shares of NYSE:SUI opened at $123.47 on Friday. Sun Communities, Inc. has a 12 month low of $115.53 and a 12 month high of $137.85. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average price of $127.02 and a 200-day moving average price of $127.55. The company has a market cap of $15.22 billion, a price-to-earnings ratio of 11.21, a price-to-earnings-growth ratio of 4.07 and a beta of 0.82.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.31 by ($1.38). Sun Communities had a net margin of 62.29% and a return on equity of 0.16%. The company had revenue of $500.50 million for the quarter, compared to analysts' expectations of $472.40 million. During the same quarter in the prior year, the firm earned $1.26 EPS. Sun Communities's quarterly revenue was up 8.0% compared to the same quarter last year. Sun Communities has set its Q2 2026 guidance at 1.710-1.790 EPS and its FY 2026 guidance at 6.870-7.070 EPS. As a group, equities analysts anticipate that Sun Communities, Inc. will post 6.92 EPS for the current year.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a yield of 3.6%. This is a boost from Sun Communities's previous quarterly dividend of $1.04. The ex-dividend date was Tuesday, March 31st. Sun Communities's dividend payout ratio is currently 40.69%.

Sun Communities Company Profile

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company's portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.

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