Cannon Global Investment Management LLC Has $708,000 Position in Sun Communities, Inc. (NYSE:SUI)

Cannon Global Investment Management LLC reduced its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 33.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,500 shares of the real estate investment trust's stock after selling 2,800 shares during the period. Sun Communities comprises about 1.2% of Cannon Global Investment Management LLC's holdings, making the stock its 15th largest holding. Cannon Global Investment Management LLC's holdings in Sun Communities were worth $708,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SUI. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Sun Communities by 7.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 37,487 shares of the real estate investment trust's stock worth $4,822,000 after buying an additional 2,705 shares during the last quarter. Amalgamated Bank increased its position in Sun Communities by 7.3% during the first quarter. Amalgamated Bank now owns 6,755 shares of the real estate investment trust's stock worth $869,000 after acquiring an additional 462 shares during the period. Naviter Wealth LLC increased its stake in Sun Communities by 4.3% during the first quarter. Naviter Wealth LLC now owns 7,262 shares of the real estate investment trust's stock valued at $946,000 after acquiring an additional 301 shares during the period. Hutchens & Kramer Investment Management Group LLC acquired a new stake in shares of Sun Communities during the 1st quarter worth approximately $204,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in Sun Communities by 0.9% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 786,518 shares of the real estate investment trust's stock worth $101,178,000 after purchasing an additional 6,774 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Up 0.6%

NYSE SUI traded up $0.76 during trading hours on Thursday, reaching $129.26. 389,657 shares of the company's stock were exchanged, compared to its average volume of 851,600. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. 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 company's 50-day moving average is $124.62 and its two-hundred day moving average is $125.50. The company has a market capitalization of $16.50 billion, a price-to-earnings ratio of 208.48, a price-to-earnings-growth ratio of 8.70 and a beta of 0.86.

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

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 3.22%. 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. Sun Communities's dividend payout ratio (DPR) is currently 670.97%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SUI. Colliers Securities started coverage on Sun Communities in a report on Friday, June 13th. They set a "neutral" rating and a $130.00 price objective on the stock. Royal Bank Of Canada decreased their price objective on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. 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. JMP Securities restated a "market outperform" rating and set a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Finally, Truist Financial set a $137.00 target price on shares of Sun Communities and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $138.08.

Insider Buying and Selling at Sun Communities

In other news, Director Jeff Blau bought 3,665 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were bought at an average cost of $117.99 per share, with a total value of $432,433.35. Following the acquisition, the director owned 3,665 shares in the company, valued at $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.77% of the company's stock.

About Sun Communities

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.