Penn Mutual Asset Management Buys Shares of 2,785 Sun Communities, Inc. $SUI

Key Points

• Penn Mutual Asset Management has made a new investment of $358,000 in Sun Communities, purchasing 2,785 shares of the real estate investment trust's stock.
• Sun Communities recently announced an increase in its quarterly dividend to $1.04, up from $0.94, representing a 3.3% annual yield.
• The company reported earnings per share of $1.76 for the last quarter, surpassing analysts' expectations of $1.67, indicating strong financial performance.

Penn Mutual Asset Management acquired a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,785 shares of the real estate investment trust's stock, valued at approximately $358,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Utah Retirement Systems boosted its stake in Sun Communities by 0.5% in the fourth quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock valued at $2,521,000 after acquiring an additional 100 shares in the last quarter. Cascade Investment Advisors Inc. lifted its holdings in shares of Sun Communities by 1.0% in the 1st quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock valued at $1,347,000 after purchasing an additional 100 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Sun Communities by 0.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,108 shares of the real estate investment trust's stock worth $3,487,000 after buying an additional 100 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Sun Communities by 4.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,504 shares of the real estate investment trust's stock worth $322,000 after buying an additional 102 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in Sun Communities by 11.6% during the first quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after buying an additional 120 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Sun Communities

In related news, Director Jeff Blau purchased 3,665 shares of Sun Communities stock in a transaction dated Friday, May 23rd. The stock was bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the transaction, the director 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.77% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on SUI. Morgan Stanley initiated coverage on Sun Communities in a report on Tuesday, July 15th. They issued an "equal weight" rating and a $135.00 price objective for the company. Barclays initiated coverage on shares of Sun Communities in a research report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price objective on the stock. Bank of America lifted 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. Colliers Securities initiated coverage on Sun Communities in a report on Friday, June 13th. They set a "neutral" rating and a $130.00 price target on the stock. Finally, Royal Bank Of Canada reduced their price objective on Sun Communities from $147.00 to $143.00 and set an "outperform" rating for the company in a research note on Friday, August 1st. Six equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $138.43.

Sun Communities Stock Performance

SUI traded down $0.5190 during trading on Thursday, reaching $126.6110. The company's stock had a trading volume of 606,579 shares, compared to its average volume of 874,585. 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's fifty day moving average price is $125.49 and its 200-day moving average price is $125.76. Sun Communities, Inc. has a 52-week low of $109.22 and a 52-week high of $147.83. The company has a market capitalization of $15.85 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 6.55 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.67 by $0.09. The business had revenue of $623.50 million during the quarter, compared to the consensus estimate of $614.79 million. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%.During the same period in the prior year, the business posted $1.86 EPS. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. On average, equities analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were issued a dividend of $1.04 per share. This is an increase from Sun Communities's previous quarterly dividend of $0.94. 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. Sun Communities's 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.