Sun Communities, Inc. (NYSE:SUI) Position Increased by Poplar Forest Capital LLC

Poplar Forest Capital LLC increased its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 75,582 shares of the real estate investment trust's stock after purchasing an additional 4,328 shares during the period. Sun Communities comprises about 1.7% of Poplar Forest Capital LLC's investment portfolio, making the stock its 27th biggest holding. Poplar Forest Capital LLC owned 0.06% of Sun Communities worth $9,723,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in shares of Sun Communities during the 1st quarter valued at $29,000. Aster Capital Management DIFC Ltd boosted its stake in shares of Sun Communities by 263.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 232 shares during the period. Parallel Advisors LLC boosted its stake in shares of Sun Communities by 66.4% during the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after buying an additional 190 shares during the period. Blue Trust Inc. boosted its stake in shares of Sun Communities by 510.4% during the 1st quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock valued at $75,000 after buying an additional 490 shares during the period. Finally, Natixis acquired a new stake in shares of Sun Communities during the 4th quarter valued at $90,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Trading Up 1.1%

SUI opened at $126.47 on Wednesday. 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 company has a market cap of $16.14 billion, a price-to-earnings ratio of 203.98, a price-to-earnings-growth ratio of 8.50 and a beta of 0.86. The firm has a 50 day simple moving average of $124.85 and a 200 day simple moving average of $125.82. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83.

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

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be given a dividend of $1.04 per share. This is an increase from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, June 30th. This represents a $4.16 annualized dividend and a dividend yield of 3.29%. Sun Communities's dividend payout ratio is currently 670.97%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Truist Financial set a $137.00 price target on shares of Sun Communities and gave the company a "buy" rating in a report on Tuesday, June 3rd. Wall Street Zen downgraded shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price target on the stock. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the company a "hold" rating in a report on Wednesday, June 25th. Finally, Morgan Stanley started coverage on shares of Sun Communities in a report on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $137.86.

Insider Activity

In other Sun Communities news, Director Jeff Blau bought 3,665 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was 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 in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.89% of the stock is owned by corporate insiders.

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.

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