Skandinaviska Enskilda Banken AB publ Has $3.35 Million Holdings in Sun Communities, Inc. (NYSE:SUI)

Key Points

• Skandinaviska Enskilda Banken AB increased its holdings in Sun Communities, Inc. by 11.6%, owning 26,062 shares worth approximately $3.35 million after purchasing 2,700 additional shares.
• Sun Communities reported a quarterly EPS of $1.26, surpassing analysts' expectations, but its revenue of $470.20 million fell short of the forecasted $538.63 million.
• The company announced a quarterly dividend increase to $1.04 per share, representing a yield of 3.47%, up from the prior dividend of $0.94.

Skandinaviska Enskilda Banken AB publ increased its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 11.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 26,062 shares of the real estate investment trust's stock after buying an additional 2,700 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Sun Communities were worth $3,353,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of SUI. Opal Wealth Advisors LLC acquired a new position in shares of Sun Communities in the 1st quarter valued at about $29,000. Aster Capital Management DIFC Ltd grew its stake in shares of Sun Communities by 263.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 232 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Sun Communities by 66.4% in the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock worth $61,000 after purchasing an additional 190 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Sun Communities by 510.4% in the 1st quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock worth $75,000 after purchasing an additional 490 shares during the last quarter. Finally, Natixis acquired a new position in shares of Sun Communities in the 4th quarter worth approximately $90,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Stock Up 0.3%

NYSE SUI traded up $0.41 during trading on Friday, reaching $124.44. The company's stock had a trading volume of 584,864 shares, compared to its average volume of 853,599. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $15.88 billion, a PE ratio of 12.18, a PEG ratio of 7.92 and a beta of 0.86. The business has a 50-day moving average price of $124.72 and a 200-day moving average price of $125.72. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.09. The firm had revenue of $623.50 million during the quarter, compared to analysts' expectations of $614.79 million. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.61%. During the same period in the previous year, the company earned $1.86 earnings per share. On average, research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $1.04 dividend. The ex-dividend date was Monday, June 30th. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.3%. Sun Communities's dividend payout ratio is presently 40.70%.

Insider Buying and Selling at Sun Communities

In other news, Director Jeff Blau acquired 3,665 shares of Sun Communities stock in a transaction dated Friday, May 23rd. The stock was acquired at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the purchase, the director owned 3,665 shares of the company's stock, valued at $432,433.35. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SUI. Royal Bank Of Canada dropped their target price on shares of Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research report on Friday. Colliers Securities began coverage on shares of Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 target price on the stock. Bank of America lifted their target price on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research report on Monday, May 12th. JMP Securities reissued a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Finally, Barclays began coverage on shares of Sun Communities in a research report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $137.57.

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.