State of Alaska Department of Revenue Buys 2,081 Shares of Sun Communities, Inc. (NYSE:SUI)

State of Alaska Department of Revenue boosted its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 3.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,583 shares of the real estate investment trust's stock after purchasing an additional 2,081 shares during the quarter. State of Alaska Department of Revenue's holdings in Sun Communities were worth $7,921,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in SUI. Empowered Funds LLC raised its holdings in Sun Communities by 26.0% in the fourth quarter. Empowered Funds LLC now owns 2,547 shares of the real estate investment trust's stock worth $313,000 after purchasing an additional 526 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Sun Communities by 9.4% in the fourth quarter. Sanctuary Advisors LLC now owns 2,088 shares of the real estate investment trust's stock worth $263,000 after purchasing an additional 180 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Sun Communities by 13.8% in the fourth quarter. CIBC Asset Management Inc now owns 5,007 shares of the real estate investment trust's stock worth $616,000 after purchasing an additional 606 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Sun Communities by 11.6% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,008 shares of the real estate investment trust's stock worth $3,321,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Sun Communities by 12.3% in the fourth quarter. Bank of New York Mellon Corp now owns 552,888 shares of the real estate investment trust's stock worth $67,989,000 after purchasing an additional 60,589 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Insider Activity at Sun Communities

In other news, Director Jeff Blau bought 3,665 shares of the stock in a transaction on Friday, May 23rd. The shares were bought at an average price of $117.99 per share, with a total value of $432,433.35. Following the completion of the acquisition, the director now owns 3,665 shares in the company, valued at $432,433.35. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.77% of the stock is currently owned by insiders.

Sun Communities Stock Performance

Shares of Sun Communities stock traded up $0.15 during trading on Friday, hitting $126.09. 1,300,246 shares of the company's stock traded hands, compared to its average volume of 849,858. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The stock has a market capitalization of $16.09 billion, a P/E ratio of 203.37, a PEG ratio of 8.59 and a beta of 0.86. The business has a 50-day simple moving average of $123.75 and a 200-day simple moving average of $125.29.

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

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors 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 is a boost from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 3.30%. Sun Communities's dividend payout ratio (DPR) is 606.45%.

Wall Street Analysts Forecast Growth

SUI has been the subject of a number of research reports. Colliers Securities initiated coverage on Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective for the company. Barclays started coverage on Sun Communities in a research note on Thursday, May 29th. They issued an "overweight" rating and a $141.00 target price on the stock. Bank of America increased their target price on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research note on Monday, May 12th. Royal Bank Of Canada cut their target price on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Finally, Wall Street Zen cut Sun Communities from a "hold" rating to a "sell" rating in a research note on Saturday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $138.33.

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.