Private Management Group Inc. Raises Stake in Sun Communities, Inc. (NYSE:SUI)

Key Points

• Private Management Group Inc. increased its stake in Sun Communities, Inc. by 18.5%, now owning approximately 196,998 shares valued at about $25.3 million.
• Sun Communities recently announced a quarterly dividend of $1.04 per share, reflecting an increase from its previous dividend of $0.94, representing an annualized yield of 3.44%.
• The company reported earnings of $1.26 per share, surpassing analyst estimates, though its revenue of $470.2 million fell short of expectations set at $538.63 million.

Private Management Group Inc. lifted its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 18.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 196,998 shares of the real estate investment trust's stock after purchasing an additional 30,704 shares during the quarter. Private Management Group Inc. owned 0.15% of Sun Communities worth $25,342,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SUI. Opal Wealth Advisors LLC acquired a new position in shares of Sun Communities during the 1st quarter worth about $29,000. Aster Capital Management DIFC Ltd increased its position in shares of Sun Communities by 263.6% during 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 period. Parallel Advisors LLC grew its holdings in Sun Communities by 66.4% in the first quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock worth $61,000 after purchasing an additional 190 shares during the period. Blue Trust Inc. grew its holdings in Sun Communities by 510.4% in the first quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock worth $75,000 after purchasing an additional 490 shares during the period. Finally, Natixis bought a new position in shares of Sun Communities in the fourth quarter valued at $90,000. 99.59% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Jeff Blau acquired 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 purchase, the director owned 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 1.77% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Royal Bank Of Canada lowered 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. Colliers Securities assumed coverage on shares of Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective for the company. Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Finally, Bank of America raised their price target on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $137.86.

Sun Communities Trading Down 1.0%

NYSE SUI traded down $1.15 on Friday, hitting $119.68. 816,038 shares of the stock were exchanged, compared to its average volume of 1,020,692. Sun Communities, Inc. has a 52-week low of $109.22 and a 52-week high of $147.83. The firm has a market capitalization of $15.28 billion, a P/E ratio of 193.03, a P/E/G ratio of 8.13 and a beta of 0.86. The stock has a fifty day moving average price of $124.91 and a two-hundred day moving average price of $125.81. 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 (NYSE:SUI - Get Free Report) last announced its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.08. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The business had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. During the same period in the previous year, the company posted $1.19 earnings per share. The firm's revenue was up .2% on a year-over-year basis. Research analysts forecast 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. Shareholders of record on Monday, June 30th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend is Monday, June 30th. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is currently 670.97%.

Sun Communities Company 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.