Private Management Group Inc. Boosts Stock Position 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. increased its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 18.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 196,998 shares of the real estate investment trust's stock after acquiring an additional 30,704 shares during the quarter. Private Management Group Inc. owned about 0.15% of Sun Communities worth $25,342,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Opal Wealth Advisors LLC bought a new position in Sun Communities during the 1st quarter worth approximately $29,000. Aster Capital Management DIFC Ltd raised its holdings 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 valued at $39,000 after acquiring an additional 232 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Sun Communities by 66.4% during 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 in the last quarter. Blue Trust Inc. raised its position in shares of Sun Communities by 510.4% in the 1st quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock worth $75,000 after acquiring an additional 490 shares in the last quarter. Finally, Natixis purchased a new stake in shares of Sun Communities in the fourth quarter valued at approximately $90,000. Institutional investors own 99.59% of the company's stock.

Insider Activity

In other news, Director Jeff Blau purchased 3,665 shares of the stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, with a total value of $432,433.35. Following the completion of the purchase, the director directly owned 3,665 shares of the company's stock, 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 available through this link. 1.89% of the stock is owned by corporate insiders.

Sun Communities Stock Up 1.3%

Sun Communities stock traded up $1.55 during midday trading on Tuesday, reaching $118.95. The company's stock had a trading volume of 145,650 shares, compared to its average volume of 836,327. The stock's 50-day simple moving average is $124.79 and its 200-day simple moving average is $125.81. 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 52-week low of $109.22 and a 52-week high of $147.83. The stock has a market capitalization of $15.18 billion, a P/E ratio of 191.78, a PEG ratio of 8.13 and a beta of 0.86.

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 for the quarter, beating analysts' consensus estimates of $1.18 by $0.08. The business had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The company's revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company earned $1.19 earnings per share. On average, sell-side analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The company also recently declared 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. 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. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.50%. Sun Communities's payout ratio is currently 670.97%.

Analysts Set New Price Targets

Several research firms have recently issued reports on SUI. JMP Securities reiterated a "market outperform" rating and issued a $140.00 price objective on shares of Sun Communities in a report on Tuesday, May 20th. Colliers Securities began coverage on shares of Sun Communities in a research report on Friday, June 13th. They set a "neutral" rating and a $130.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective 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 on the stock in a report on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price objective on shares of Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Sun Communities has a consensus rating of "Hold" and an average price target of $137.86.

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.