Whittier Trust Co. of Nevada Inc. Acquires 15,308 Shares of Sun Communities, Inc. (NYSE:SUI)

Whittier Trust Co. of Nevada Inc. lifted its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 16.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,067 shares of the real estate investment trust's stock after buying an additional 15,308 shares during the period. Whittier Trust Co. of Nevada Inc. owned about 0.09% of Sun Communities worth $14,159,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Proficio Capital Partners LLC bought a new stake in Sun Communities during the 4th quarter worth approximately $5,913,000. Raymond James Financial Inc. bought a new stake in Sun Communities during the 4th quarter worth approximately $16,051,000. EverSource Wealth Advisors LLC grew its position in Sun Communities by 1,776.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,614 shares of the real estate investment trust's stock worth $198,000 after acquiring an additional 1,528 shares during the last quarter. First National Advisers LLC grew its position in Sun Communities by 1.2% during the 4th quarter. First National Advisers LLC now owns 11,689 shares of the real estate investment trust's stock worth $1,437,000 after acquiring an additional 134 shares during the last quarter. Finally, Cibc World Markets Corp boosted its position in Sun Communities by 5.9% in the 4th quarter. Cibc World Markets Corp now owns 40,472 shares of the real estate investment trust's stock valued at $4,977,000 after buying an additional 2,239 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on SUI. Colliers Securities began coverage on Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective on the stock. Bank of America increased their price objective on Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research report on Monday, May 12th. JMP Securities reiterated a "market outperform" rating and issued a $140.00 price objective on shares of Sun Communities in a research report on Tuesday, May 20th. Robert W. Baird decreased their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the company a "hold" rating in a research report on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $137.86.

Sun Communities Price Performance

SUI traded up $1.07 during trading on Wednesday, hitting $125.60. 1,759,430 shares of the stock traded hands, compared to its average volume of 874,830. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 202.58, a PEG ratio of 8.48 and a beta of 0.86. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. The business has a 50 day moving average price of $124.83 and a 200 day moving average price of $125.75.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.08. The company had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The company's revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.19 earnings per share. Equities research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $4.16 dividend on an annualized basis and a yield of 3.31%. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is 670.97%.

Insider Buying and Selling

In other news, Director Jeff Blau purchased 3,665 shares of the business's stock in a transaction on Friday, May 23rd. The shares were acquired at an average price 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 of the company's stock, valued at $432,433.35. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.77% of the company's stock.

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.