Resona Asset Management Co. Ltd. Boosts Holdings in Sun Communities, Inc. (NYSE:SUI)

Resona Asset Management Co. Ltd. raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,072 shares of the real estate investment trust's stock after acquiring an additional 4,571 shares during the quarter. Resona Asset Management Co. Ltd. owned approximately 0.06% of Sun Communities worth $9,227,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in Sun Communities during the 1st quarter valued at about $29,000. Parallel Advisors LLC grew its holdings 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 buying an additional 190 shares in the last quarter. Avalon Trust Co purchased a new stake in shares of Sun Communities during the first quarter worth about $65,000. Blue Trust Inc. grew its holdings in shares of Sun Communities by 510.4% during the first quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock worth $75,000 after buying an additional 490 shares in the last quarter. Finally, Natixis purchased a new stake in shares of Sun Communities during the fourth quarter worth about $90,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Sun Communities

In other news, Director Jeff Blau bought 3,665 shares of Sun Communities stock in a transaction dated Friday, May 23rd. The shares were acquired at an average cost of $117.99 per share, with a total value of $432,433.35. Following the completion of the transaction, the director owned 3,665 shares in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.77% of the company's stock.

Sun Communities Trading Down 0.7%

Shares of SUI stock opened at $127.04 on Friday. The stock has a market cap of $15.90 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 6.61 and a beta of 0.83. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The firm's 50 day moving average price is $125.39 and its two-hundred day moving average price is $125.74.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.67 by $0.09. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. The firm had revenue of $623.50 million for the quarter, compared to analysts' expectations of $614.79 million. During the same period in the previous year, the company posted $1.86 earnings per share. On average, analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, June 30th. 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 dividend yield of 3.3%. Sun Communities's dividend payout ratio is presently 40.70%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SUI. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Barclays began coverage on shares of Sun Communities in a report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price target for the company. Bank of America lifted their price target on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. Robert W. Baird lifted their price target on shares of Sun Communities from $126.00 to $134.00 and gave the stock a "neutral" rating in a report on Monday. Finally, Truist Financial raised their target price on shares of Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $138.43.

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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