Swiss National Bank Purchases 7,100 Shares of Sun Communities, Inc. (NYSE:SUI)

Key Points

• Swiss National Bank increased its stake in Sun Communities, Inc. by 2.0% during the first quarter, acquiring an additional 7,100 shares to own approximately 0.28% of the company valued at $46.2 million.
• Sun Communities recently declared a quarterly dividend of $1.04 per share, representing a dividend yield of 3.3%, which is an increase from its previous quarterly dividend of $0.94.
• The company's stock performance shows a market cap of $15.68 billion and a reported quarter earnings per share (EPS) of $1.76, exceeding analysts' expectations of $1.67.

Swiss National Bank boosted its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 2.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 359,260 shares of the real estate investment trust's stock after purchasing an additional 7,100 shares during the period. Swiss National Bank owned approximately 0.28% of Sun Communities worth $46,215,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Utah Retirement Systems boosted its holdings in shares of Sun Communities by 0.5% in the fourth quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock valued at $2,521,000 after acquiring an additional 100 shares in the last quarter. Cascade Investment Advisors Inc. boosted its holdings in Sun Communities by 1.0% during the first quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock worth $1,347,000 after buying an additional 100 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Sun Communities by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,504 shares of the real estate investment trust's stock worth $322,000 after buying an additional 102 shares in the last quarter. Bessemer Group Inc. boosted its holdings in Sun Communities by 11.6% during the first quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after buying an additional 120 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in Sun Communities by 3.7% during the fourth quarter. Captrust Financial Advisors now owns 3,627 shares of the real estate investment trust's stock worth $446,000 after buying an additional 128 shares in the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Up 0.4%

Shares of SUI stock traded up $0.50 during trading on Friday, hitting $127.71. 638,738 shares of the company were exchanged, compared to its average volume of 1,165,275. The firm has a market capitalization of $15.98 billion, a price-to-earnings ratio of 12.50, a P/E/G ratio of 6.56 and a beta of 0.83. The business's 50-day simple moving average is $125.46 and its 200 day simple moving average is $125.74. The company has a debt-to-equity ratio of 0.55, a quick ratio of 7.08 and a current ratio of 7.08. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.67 by $0.09. The company had revenue of $623.50 million for the quarter, compared to analyst estimates of $614.79 million. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. During the same quarter last year, the firm posted $1.86 earnings per share. As a group, analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The company also recently announced 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 represents a $4.16 annualized dividend and a dividend yield of 3.3%. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is presently 40.70%.

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 shares were bought at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the purchase, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.77% of the company's stock.

Analyst Ratings Changes

SUI has been the topic of a number of research analyst reports. Barclays initiated coverage on shares of Sun Communities in a report on Thursday, May 29th. They set an "overweight" rating and a $141.00 price objective on the stock. Colliers Securities initiated coverage on shares of Sun Communities in a report on Friday, June 13th. They set a "neutral" rating and a $130.00 price objective on the stock. Deutsche Bank Aktiengesellschaft set a $135.00 price objective on shares of Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. 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. Finally, Robert W. Baird lifted their target price on shares of Sun Communities from $126.00 to $134.00 and gave the stock a "neutral" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $138.43.

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.