Sun Communities, Inc. (NYSE:SUI) Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 786,518 shares of the real estate investment trust's stock after purchasing an additional 6,774 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.62% of Sun Communities worth $101,178,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in shares of Sun Communities in the first quarter valued at $29,000. Aster Capital Management DIFC Ltd boosted its holdings in 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 acquiring an additional 232 shares during the period. Smartleaf Asset Management LLC grew its position in 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 acquiring an additional 124 shares in the last quarter. Parallel Advisors LLC grew its position in Sun Communities by 66.4% in the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after acquiring an additional 190 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in Sun Communities by 510.4% during the first 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 period. Hedge funds and other institutional investors own 99.59% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on SUI. Barclays assumed coverage on shares of Sun Communities in a research note on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price objective for the company. Robert W. Baird decreased their price target on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Royal Bank Of Canada cut their price objective on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Colliers Securities assumed coverage on Sun Communities in a research note on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective on the stock. Finally, JMP Securities reissued a "market outperform" rating and set a $140.00 target price on shares of Sun Communities in a research note on Tuesday, May 20th. Two 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. According to data from MarketBeat, Sun Communities has an average rating of "Hold" and an average price target of $138.08.

Sun Communities Stock Up 0.6%

Sun Communities stock traded up $0.76 during midday trading on Thursday, reaching $129.26. The company's stock had a trading volume of 389,657 shares, compared to its average volume of 851,600. The business has a 50-day simple moving average of $124.62 and a 200-day simple moving average of $125.50. The company has a market cap of $16.50 billion, a P/E ratio of 208.48, a P/E/G ratio of 8.70 and a beta of 0.86. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 1.01.

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 firm had revenue of $470.20 million during the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The firm's revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.19 earnings per share. On average, research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a $1.04 dividend. This is a boost from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date is Monday, June 30th. This represents a $4.16 annualized dividend and a dividend yield of 3.22%. Sun Communities's dividend payout ratio is presently 670.97%.

Insider Activity at Sun Communities

In other news, Director Jeff Blau bought 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, with a total value of $432,433.35. Following the acquisition, the director owned 3,665 shares of the company's stock, 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 SEC, which is accessible through this link. 1.77% of the stock is owned by company 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.