Oppenheimer Asset Management Inc. Grows Position in Sun Communities, Inc. (NYSE:SUI)

Oppenheimer Asset Management Inc. raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 14.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SUI. Opal Wealth Advisors LLC acquired a new position in shares of Sun Communities during the first quarter worth $29,000. Aster Capital Management DIFC Ltd increased its stake in shares of Sun Communities by 263.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock worth $39,000 after buying an additional 232 shares during the last quarter. Smartleaf Asset Management LLC increased its stake 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 purchasing an additional 124 shares during the last quarter. Parallel Advisors LLC increased its stake in Sun Communities by 66.4% during the first quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after purchasing an additional 190 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Sun Communities by 510.4% during the first quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock valued at $75,000 after purchasing an additional 490 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Price Performance

Shares of SUI opened at $128.30 on Wednesday. The firm has a market cap of $16.38 billion, a PE ratio of 206.93, a PEG ratio of 8.71 and a beta of 0.86. The firm's 50 day moving average price is $123.98 and its 200 day moving average price is $125.33. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.25 and a current ratio of 2.25. 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 issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.08. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The firm had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same quarter last year, the firm earned $1.19 earnings per share. The company's revenue for the quarter was up .2% on a year-over-year basis. As a group, research analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Monday, June 30th. This is an increase from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio (DPR) is 606.45%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JMP Securities restated a "market outperform" rating and set a $140.00 price target on shares of Sun Communities in a research report on Tuesday, May 20th. Wall Street Zen downgraded shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Saturday. Colliers Securities initiated coverage on shares of Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target for the company. Robert W. Baird cut their price target on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, Bank of America upped their price objective on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday, May 12th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $138.33.

Insider Buying and Selling at Sun Communities

In related news, Director Jeff Blau acquired 3,665 shares of the stock in a transaction dated Friday, May 23rd. The shares were acquired at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the purchase, the director now owns 3,665 shares in the company, valued at approximately $432,433.35. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.89% of the company's stock.

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.

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