Centersquare Investment Management LLC Sells 699,228 Shares of Sun Communities, Inc. (NYSE:SUI)

Key Points

• Centersquare Investment Management LLC significantly reduced its stake in Sun Communities, Inc. by 45.1%, now holding 851,000 shares after selling 699,228 shares during the first quarter.
• Sun Communities announced a quarterly dividend increase to $1.04 per share, resulting in an annual yield of 3.3%, which is an increase from the previous dividend of $0.94.
• Analyst ratings for Sun Communities vary, with an average target price of $137.57 and a consensus rating of "Hold" from several brokerages.

Centersquare Investment Management LLC reduced its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 45.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 851,000 shares of the real estate investment trust's stock after selling 699,228 shares during the quarter. Sun Communities comprises about 1.1% of Centersquare Investment Management LLC's portfolio, making the stock its 29th biggest position. Centersquare Investment Management LLC owned approximately 0.67% of Sun Communities worth $109,473,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. American Assets Investment Management LLC acquired a new position in shares of Sun Communities during the first quarter worth approximately $3,385,000. Avalon Trust Co bought a new stake in Sun Communities during the 1st quarter valued at $65,000. PNC Financial Services Group Inc. increased its stake in Sun Communities by 4.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,504 shares of the real estate investment trust's stock valued at $322,000 after purchasing an additional 102 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in Sun Communities by 21.8% during the first quarter. Arkadios Wealth Advisors now owns 7,121 shares of the real estate investment trust's stock worth $916,000 after buying an additional 1,274 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Sun Communities in the first quarter valued at $229,000. Institutional investors own 99.59% of the company's stock.

Sun Communities Stock Performance

Shares of NYSE SUI traded up $0.42 during trading on Friday, reaching $125.44. 858,838 shares of the stock traded hands, compared to its average volume of 1,303,929. The stock has a market capitalization of $15.70 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 8.47 and a beta of 0.83. Sun Communities, Inc. has a 52-week low of $109.22 and a 52-week high of $147.83. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.08 and a quick ratio of 7.08. The company has a 50-day moving average of $125.19 and a 200-day moving average of $125.77.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the firm posted $1.86 earnings per share. 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 was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a $1.04 dividend. The ex-dividend date of this dividend was Monday, June 30th. This is an increase 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 40.70%.

Analyst Ratings Changes

SUI has been the subject of several recent research reports. 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 report on Thursday, May 8th. Bank of America lifted their price target on Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday, May 12th. Truist Financial increased their price objective on Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a research note on Thursday. Royal Bank Of Canada cut their price objective on shares of Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a report on Friday, August 1st. Finally, Barclays assumed coverage on Sun Communities in a research note 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 given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $137.86.

Insider Activity at Sun Communities

In related news, Director Jeff Blau purchased 3,665 shares of Sun Communities stock in a transaction dated Friday, May 23rd. The stock was bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the transaction, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.77% of the stock is owned by 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.