First Hawaiian Bank Increases Stake in Sun Communities, Inc. (NYSE:SUI)

First Hawaiian Bank boosted its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 25.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,125 shares of the real estate investment trust's stock after purchasing an additional 5,685 shares during the period. First Hawaiian Bank's holdings in Sun Communities were worth $3,618,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SUI. Legacy Trust acquired a new position in Sun Communities during the 4th quarter worth approximately $625,000. Sumitomo Mitsui Trust Group Inc. boosted its position in Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock worth $95,885,000 after acquiring an additional 108,054 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 124 shares during the last quarter. Mutual of America Capital Management LLC boosted its position in Sun Communities by 4.4% during the 4th quarter. Mutual of America Capital Management LLC now owns 18,451 shares of the real estate investment trust's stock worth $2,269,000 after acquiring an additional 772 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Sun Communities by 6.5% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 34,782 shares of the real estate investment trust's stock worth $4,277,000 after acquiring an additional 2,124 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Stock Performance

SUI traded down $0.51 during trading hours on Monday, hitting $122.93. The stock had a trading volume of 225,551 shares, compared to its average volume of 793,874. The company's fifty day simple moving average is $123.49 and its 200 day simple moving average is $125.51. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The stock has a market cap of $15.69 billion, a PE ratio of 66.09 and a beta of 0.86. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

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, topping the consensus estimate of $1.18 by $0.08. The business had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm's revenue was up .2% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 EPS. Equities analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.94 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.06%. Sun Communities's dividend payout ratio (DPR) is currently 606.45%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SUI. Truist Financial reduced their price target on Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Barclays initiated coverage on Sun Communities in a research report on Thursday. They set an "overweight" rating and a $141.00 price target for the company. 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 report on Monday, May 12th. Royal Bank of Canada decreased their target price on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Robert W. Baird decreased their target price on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $138.91.

Sun Communities Company 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.