Nuveen LLC Buys New Holdings in Sun Communities, Inc. (NYSE:SUI)

Key Points

• Nuveen LLC has made a considerable investment of approximately $112.40 million in Sun Communities, acquiring 873,721 shares of the real estate investment trust.
• Sun Communities reported a quarterly earnings per share of $1.76, surpassing analyst expectations of $1.67, with a revenue of $623.50 million during the same quarter.
• The company recently increased its quarterly dividend from $0.94 to $1.04, leading to an annualized dividend yield of 3.3%.

Nuveen LLC bought a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 873,721 shares of the real estate investment trust's stock, valued at approximately $112,395,000. Nuveen LLC owned about 0.68% of Sun Communities at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SUI. Dodge & Cox grew its position in shares of Sun Communities by 61.1% in the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock valued at $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Sun Communities by 19.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock valued at $682,429,000 after purchasing an additional 911,857 shares during the last quarter. Deutsche Bank AG grew its position in shares of Sun Communities by 103.7% in the first quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock valued at $207,294,000 after purchasing an additional 820,422 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Sun Communities in the fourth quarter valued at approximately $71,122,000. Finally, Alyeska Investment Group L.P. grew its position in Sun Communities by 112.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,004,688 shares of the real estate investment trust's stock worth $123,546,000 after buying an additional 531,880 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Insider Buying and Selling

In other news, Director Jeff Blau bought 3,665 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 3,665 shares of the company's stock, valued at approximately $432,433.35. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.77% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SUI. Truist Financial increased their price target on Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Royal Bank Of Canada reduced their target price on Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a report on Friday, August 1st. Colliers Securities assumed coverage on Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 target price on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a report on Tuesday, May 20th. Finally, Barclays assumed coverage on Sun Communities in a report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $138.43.

Sun Communities Trading Up 0.4%

Shares of SUI stock traded up $0.50 during mid-day trading on Friday, hitting $127.71. The company's stock had a trading volume of 638,738 shares, compared to its average volume of 1,165,275. The company's fifty day simple moving average is $125.46 and its 200-day simple moving average is $125.75. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The company has a debt-to-equity ratio of 0.55, a quick ratio of 7.08 and a current ratio of 7.08. The company has a market cap of $15.98 billion, a PE ratio of 12.50, a P/E/G ratio of 6.59 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $623.50 million during the quarter, compared to analyst estimates of $614.79 million. During the same period last year, the company posted $1.86 EPS. As a group, equities research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

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

Sun Communities Profile

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.