State of Alaska Department of Revenue Raises Position in Sun Communities, Inc. (NYSE:SUI)

State of Alaska Department of Revenue lifted its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 3.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,583 shares of the real estate investment trust's stock after buying an additional 2,081 shares during the quarter. State of Alaska Department of Revenue's holdings in Sun Communities were worth $7,921,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its stake in shares of Sun Communities by 45.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 124 shares during the period. Mutual of America Capital Management LLC raised its position in shares of Sun Communities by 4.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 18,451 shares of the real estate investment trust's stock valued at $2,269,000 after purchasing an additional 772 shares during the period. LPL Financial LLC increased its position in Sun Communities by 22.3% during the fourth quarter. LPL Financial LLC now owns 25,560 shares of the real estate investment trust's stock worth $3,143,000 after acquiring an additional 4,665 shares during the period. Freestone Grove Partners LP bought a new position in shares of Sun Communities in the fourth quarter worth $716,000. Finally, Anson Funds Management LP bought a new stake in shares of Sun Communities during the 4th quarter worth $2,704,000. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Up 1.7%

Shares of SUI stock traded up $2.08 during trading on Thursday, hitting $125.99. 752,801 shares of the company were exchanged, compared to its average volume of 847,568. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.25 and a current ratio of 2.25. The firm has a market capitalization of $16.08 billion, a price-to-earnings ratio of 203.21, a P/E/G ratio of 8.44 and a beta of 0.86. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The business's 50-day simple moving average is $123.50 and its 200 day simple moving average is $125.32.

Sun Communities (NYSE:SUI - Get Free Report) last issued its earnings results 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 net margin of 2.85% and a return on equity of 1.41%. The company had revenue of $470.20 million for the quarter, compared to the consensus estimate of $538.63 million. During the same quarter in the previous year, the company earned $1.19 EPS. The firm's revenue for the quarter 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 fiscal year.

Sun Communities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a dividend of $1.04 per share. This is an increase from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend is Monday, June 30th. Sun Communities's payout ratio is currently 606.45%.

Insider Buying and Selling

In other Sun Communities news, Director Jeff Blau acquired 3,665 shares of the stock in a transaction dated Friday, May 23rd. The stock was purchased at an average cost of $117.99 per share, with a total value of $432,433.35. Following the transaction, the director now owns 3,665 shares in the company, valued at approximately $432,433.35. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.77% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SUI has been the topic of several recent analyst reports. Wall Street Zen raised Sun Communities from a "sell" rating to a "hold" rating in a research note on Saturday, May 31st. Truist Financial set a $137.00 price objective on shares of Sun Communities and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Jefferies Financial Group initiated coverage on Sun Communities in a research report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective on the stock. Bank of America raised their target price on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. Finally, Colliers Securities started coverage on Sun Communities in a research report on Friday, June 13th. They set a "neutral" rating and a $130.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus 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.