Nuveen LLC Takes Position 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 shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 873,721 shares of the real estate investment trust's stock, valued at approximately $112,395,000. Nuveen LLC owned approximately 0.68% of Sun Communities at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC purchased a new position in Sun Communities during the first quarter valued at $29,000. Parallel Advisors LLC lifted its stake in Sun Communities by 66.4% in the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after buying an additional 190 shares in the last quarter. Avalon Trust Co purchased a new position in Sun Communities in the 1st quarter valued at about $65,000. Blue Trust Inc. boosted its holdings in Sun Communities by 510.4% in the 1st 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 last quarter. Finally, Natixis purchased a new stake in Sun Communities during the 4th quarter worth approximately $90,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Insider Activity

In related news, Director Jeff Blau acquired 3,665 shares of Sun Communities stock in a transaction on Friday, May 23rd. The stock was purchased at an average cost of $117.99 per share, with a total value of $432,433.35. Following the purchase, the director directly owned 3,665 shares in the company, valued at approximately $432,433.35. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.77% of the stock is currently owned by company insiders.

Sun Communities Stock Up 0.4%

NYSE SUI traded up $0.50 during trading hours on Friday, hitting $127.71. 638,738 shares of the company were exchanged, compared to its average volume of 879,543. The company has a 50 day moving average of $125.46 and a two-hundred day moving average of $125.74. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. Sun Communities, Inc. has a 52-week low of $109.22 and a 52-week high of $147.83. The firm has a market cap of $15.98 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 6.61 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $623.50 million for the quarter, compared to the consensus estimate of $614.79 million. During the same quarter in the prior year, the business posted $1.86 EPS. Equities research analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current 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 is a boost from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Monday, June 30th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.3%. Sun Communities's payout ratio is currently 40.70%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SUI shares. Bank of America lifted their price target on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research note on Monday, May 12th. Colliers Securities assumed coverage on Sun Communities in a research note on Friday, June 13th. They set a "neutral" rating and a $130.00 price objective on the stock. Barclays assumed coverage on Sun Communities in a research note on Thursday, May 29th. They set an "overweight" rating and a $141.00 price objective on the stock. Morgan Stanley initiated coverage on Sun Communities in a research note on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 price objective on the stock. Finally, Robert W. Baird upped their price target on Sun Communities from $126.00 to $134.00 and gave the company a "neutral" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $138.43.

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.