Oppenheimer Asset Management Inc. Purchases 6,684 Shares of Sun Communities, Inc. (NYSE:SUI)

Oppenheimer Asset Management Inc. raised its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 14.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,774 shares of the real estate investment trust's stock after buying an additional 6,684 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Sun Communities were worth $6,789,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of SUI. Utah Retirement Systems boosted its position in shares of Sun Communities by 0.5% during the 4th quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock valued at $2,521,000 after purchasing an additional 100 shares in the last quarter. Cascade Investment Advisors Inc. boosted its holdings in shares of Sun Communities by 1.0% during the first quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock worth $1,347,000 after purchasing an additional 100 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of Sun Communities by 17.2% during the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock worth $103,000 after purchasing an additional 123 shares during the period. Smartleaf Asset Management LLC raised its position in Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 124 shares in the last quarter. Finally, Argonautica Private Wealth Management Inc. raised its position in Sun Communities by 4.5% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 2,901 shares of the real estate investment trust's stock valued at $357,000 after acquiring an additional 126 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SUI. Royal Bank Of Canada cut their price objective on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the company a "hold" rating in a research report on Wednesday. Wall Street Zen lowered shares of Sun Communities from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Barclays initiated coverage on shares of Sun Communities in a research report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price target on the stock. Finally, Truist Financial set a $137.00 price target on shares of Sun Communities and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Sun Communities has an average rating of "Hold" and an average price target of $138.08.

Insider Transactions at Sun Communities

In other news, Director Jeff Blau bought 3,665 shares of Sun Communities stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 3,665 shares in the company, valued at $432,433.35. This trade represents 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 this hyperlink. 1.77% of the stock is currently owned by corporate insiders.

Sun Communities Stock Performance

Shares of Sun Communities stock traded down $1.50 during midday trading on Friday, hitting $126.63. The company had a trading volume of 1,813,335 shares, compared to its average volume of 850,478. The business's 50 day simple moving average is $124.25 and its two-hundred day simple moving average is $125.42. The stock 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. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.08. The business had revenue of $470.20 million for the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. Sun Communities's quarterly revenue was up .2% on a year-over-year basis. During the same quarter last year, the company posted $1.19 earnings per share. As a group, equities analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a $1.04 dividend. This is an increase from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date is Monday, June 30th. This represents a $4.16 annualized dividend and a dividend yield of 3.29%. Sun Communities's dividend payout ratio (DPR) is presently 606.45%.

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.