Sun Communities, Inc. (NYSE:SUI) Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Sun Communities, Inc. by 25.7%, acquiring an additional 239,017 shares in the first quarter, bringing their total holdings to approximately 1.17 million shares valued at $150.4 million.
• Sun Communities recently raised its quarterly dividend from $0.94 to $1.04, reflecting a 3.3% dividend yield with a payout ratio of 40.70%.
• The stock has received a mix of ratings with nine analysts recommending a hold, six a buy, and one a sell, while current consensus estimates suggest a price target of about $138.43.

Russell Investments Group Ltd. grew its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 25.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,169,233 shares of the real estate investment trust's stock after purchasing an additional 239,017 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.92% of Sun Communities worth $150,417,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of SUI. Cohen & Steers Inc. boosted its stake in Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock worth $2,013,414,000 after acquiring an additional 3,811,528 shares in the last quarter. Dodge & Cox boosted its stake in Sun Communities by 61.1% during the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock worth $1,181,252,000 after acquiring an additional 3,644,853 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Sun Communities by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock worth $682,429,000 after acquiring an additional 911,857 shares in the last quarter. Nuveen LLC bought a new position in Sun Communities during the first quarter worth $112,395,000. Finally, Deutsche Bank AG boosted its stake in Sun Communities by 103.7% during the first quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock worth $207,294,000 after acquiring an additional 820,422 shares in the last quarter. 99.59% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Jeff Blau acquired 3,665 shares of the business's stock in a transaction on Friday, May 23rd. The stock was acquired at an average cost 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 $432,433.35. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.77% of the stock is owned by insiders.

Sun Communities Stock Down 0.7%

Shares of SUI stock traded down $0.96 during mid-day trading on Thursday, reaching $127.04. 859,506 shares of the company's stock traded hands, compared to its average volume of 881,107. The company's 50-day moving average price is $125.39 and its 200-day moving average price is $125.74. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. The company has a market cap of $15.90 billion, a P/E ratio of 12.43, a P/E/G ratio of 6.50 and a beta of 0.83. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $623.50 million during the quarter, compared to analyst estimates of $614.79 million. During the same quarter in the previous year, the firm earned $1.86 EPS. On average, equities analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 3.3%. The ex-dividend date was 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 40.70%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SUI. JMP Securities reissued a "market outperform" rating and set a $140.00 target price on shares of Sun Communities in a research note on Tuesday, May 20th. Morgan Stanley assumed coverage on shares of Sun Communities in a research note on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 target price on the stock. Truist Financial upped their price objective on shares of Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Colliers Securities assumed coverage on shares of Sun Communities in a report on Friday, June 13th. They set a "neutral" rating and a $130.00 price objective on the stock. Finally, Royal Bank Of Canada lowered their price objective on shares of Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a report on Friday, August 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Sun Communities currently has a consensus rating of "Hold" and a consensus target price of $138.43.

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.