Resona Asset Management Co. Ltd. Acquires 4,571 Shares of Sun Communities, Inc. $SUI

Key Points

• Resona Asset Management Co. Ltd. increased its stock holdings in Sun Communities, Inc. by 6.9%, now owning 71,072 shares valued at approximately $9.2 million after acquiring an additional 4,571 shares.
• Multiple prominent investors, including Vanguard Group and Deutsche Bank AG, also raised their stakes in Sun Communities, contributing to a total institutional ownership of 99.59%.
• Sun Communities declared a quarterly dividend of $1.04 per share, an increase from the previous $0.94, with a current annualized yield of 3.3%.

Resona Asset Management Co. Ltd. raised its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,072 shares of the real estate investment trust's stock after buying an additional 4,571 shares during the period. Resona Asset Management Co. Ltd. owned about 0.06% of Sun Communities worth $9,227,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Nuveen LLC bought a new stake in Sun Communities in the 1st quarter valued at $112,395,000. Virtu Financial LLC acquired a new position in shares of Sun Communities in the first quarter valued at $502,000. Invesco Ltd. increased its holdings in shares of Sun Communities by 4.1% in the first quarter. Invesco Ltd. now owns 284,034 shares of the real estate investment trust's stock valued at $36,538,000 after purchasing an additional 11,120 shares during the last quarter. Davis Selected Advisers acquired a new stake in shares of Sun Communities during the 1st quarter worth about $3,221,000. Finally, Citigroup Inc. lifted its stake in shares of Sun Communities by 20.7% during the 1st quarter. Citigroup Inc. now owns 74,672 shares of the real estate investment trust's stock worth $9,606,000 after buying an additional 12,788 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SUI has been the topic of a number of research reports. Bank of America upped their price target 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. Royal Bank Of Canada decreased their target price on Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research report on Friday, August 1st. 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 for the company. JMP Securities reaffirmed a "market outperform" rating and issued a $140.00 price objective on shares of Sun Communities in a report on Tuesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. Six equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $138.43.

Sun Communities Price Performance

SUI traded up $0.9750 on Tuesday, hitting $126.3350. 181,306 shares of the stock were exchanged, compared to its average volume of 874,802. The firm has a market capitalization of $15.81 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 6.59 and a beta of 0.83. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.08 and a quick ratio of 7.08. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The business has a 50-day moving average of $125.46 and a two-hundred day moving average of $125.74.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $614.79 million. During the same period last year, the firm earned $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. Sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, June 30th. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 3.3%. Sun Communities's payout ratio is presently 40.70%.

Insiders Place Their Bets

In other news, Director Jeff Blau bought 3,665 shares of the stock in a transaction on Friday, May 23rd. The stock was acquired at an average price of $117.99 per share, with a total value of $432,433.35. Following the acquisition, the director directly owned 3,665 shares in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.89% of the stock is owned by corporate insiders.

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.