Price T Rowe Associates Inc. MD Increases Stock Holdings in Sun Communities, Inc. $SUI

Key Points

• Price T Rowe Associates Inc. MD increased its holdings in Sun Communities, Inc. by 10.2%, now owning over 6 million shares worth approximately $787 million.
• Sun Communities recently announced a quarterly dividend of $1.04 per share, which is a rise from its previous dividend of $0.94, reflecting a yield of 3.3%.
• The company's earnings report showed a surprise earnings per share of $1.76, exceeding estimates, and it provided FY 2025 guidance of $6.510 to $6.670 EPS.

Price T Rowe Associates Inc. MD increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 10.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,118,054 shares of the real estate investment trust's stock after purchasing an additional 568,514 shares during the quarter. Price T Rowe Associates Inc. MD owned 4.79% of Sun Communities worth $787,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP lifted its holdings in shares of Sun Communities by 63.2% during the first quarter. Wellington Management Group LLP now owns 496,978 shares of the real estate investment trust's stock valued at $63,931,000 after purchasing an additional 192,411 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Sun Communities by 4.8% during the first quarter. Northern Trust Corp now owns 1,160,858 shares of the real estate investment trust's stock valued at $149,333,000 after purchasing an additional 53,464 shares in the last quarter. Versor Investments LP increased its position in Sun Communities by 92.5% during the first quarter. Versor Investments LP now owns 6,545 shares of the real estate investment trust's stock valued at $842,000 after acquiring an additional 3,145 shares during the last quarter. Penn Mutual Asset Management purchased a new stake in Sun Communities during the first quarter valued at $358,000. Finally, Cresset Asset Management LLC increased its position in Sun Communities by 12.1% during the first quarter. Cresset Asset Management LLC now owns 4,295 shares of the real estate investment trust's stock valued at $556,000 after acquiring an additional 465 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Sun Communities Trading Down 0.7%

SUI traded down $0.9290 during trading on Monday, hitting $126.1110. 772,721 shares of the stock were exchanged, compared to its average volume of 875,190. The firm has a 50 day simple moving average of $125.57 and a 200 day simple moving average of $125.76. The firm has a market cap of $15.78 billion, a price-to-earnings ratio of 12.34, a P/E/G ratio of 6.56 and a beta of 0.83. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year 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.

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, 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 company had revenue of $623.50 million for the quarter, compared to the consensus estimate of $614.79 million. During the same period last 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. As a group, equities analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a $1.04 dividend. The ex-dividend date was Monday, June 30th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio (DPR) is 40.70%.

Wall Street Analysts Forecast Growth

SUI has been the subject of a number of recent analyst reports. Truist Financial upped their price objective on Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Bank of America upped their price objective 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 initiated coverage on Sun Communities in a research note on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective for the company. Wall Street Zen raised Sun Communities from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Barclays began coverage on Sun Communities in a research note on Thursday, May 29th. They set an "overweight" rating and a $141.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.