Strs Ohio Makes New Investment in Sun Communities, Inc. $SUI

Key Points

• Strs Ohio acquired a new position in Sun Communities, Inc. by purchasing 212,848 shares valued at approximately $27.4 million, making it own about 0.17% of the company.
• Sun Communities recently declared a quarterly dividend of $1.04 per share, representing an annualized dividend of $4.16 and a yield of 3.2%.
• Despite lower price targets from some analysts, the majority hold either a Buy or Hold rating, with an average target price of $138.71 for the stock.

Strs Ohio bought a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 212,848 shares of the real estate investment trust's stock, valued at approximately $27,381,000. Strs Ohio owned approximately 0.17% of Sun Communities at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Cascade Investment Advisors Inc. lifted its holdings in Sun Communities by 1.0% during the first quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock worth $1,347,000 after acquiring an additional 100 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Sun Communities by 0.4% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,108 shares of the real estate investment trust's stock worth $3,487,000 after acquiring an additional 100 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Sun Communities by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,504 shares of the real estate investment trust's stock worth $322,000 after acquiring an additional 102 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Sun Communities by 11.6% during the first quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after acquiring an additional 120 shares in the last quarter. Finally, Captrust Financial Advisors lifted its holdings in Sun Communities by 3.7% during the fourth quarter. Captrust Financial Advisors now owns 3,627 shares of the real estate investment trust's stock worth $446,000 after acquiring an additional 128 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SUI. Truist Financial lifted their target price on 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 Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target on the stock. Barclays assumed coverage on Sun Communities in a report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price target on the stock. Wall Street Zen upgraded Sun Communities from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Wells Fargo & Company cut their price target on Sun Communities from $135.00 to $132.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 27th. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $138.71.

Sun Communities Stock Down 1.0%

SUI traded down $1.28 on Friday, hitting $130.00. 568,811 shares of the company were exchanged, compared to its average volume of 806,335. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The company has a market cap of $16.27 billion, a PE ratio of 12.72, a PEG ratio of 6.71 and a beta of 0.86. The company has a debt-to-equity ratio of 0.55, a quick ratio of 7.08 and a current ratio of 7.08. The stock's fifty day moving average is $125.77 and its 200-day moving average is $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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $614.79 million. During the same quarter in the prior year, the company posted $1.86 earnings per share. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. Equities research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, September 30th. Sun Communities's dividend payout ratio is presently 40.70%.

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.