Allstate Corp Has $720,000 Stock Position in Sun Communities, Inc. $SUI

Key Points

• Allstate Corp reduced its holdings in Sun Communities, Inc. by 33.2%, bringing its total ownership to 5,597 shares valued at approximately $720,000.
• Deutsche Bank AG significantly increased its stake in Sun Communities by 103.7%, now owning over 1.6 million shares worth around $207 million.
• Sun Communities recently raised its quarterly dividend from $0.94 to $1.04 per share, reflecting a yield of 3.3%.

Allstate Corp lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 33.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,597 shares of the real estate investment trust's stock after selling 2,786 shares during the quarter. Allstate Corp's holdings in Sun Communities were worth $720,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norinchukin Bank The grew its holdings in Sun Communities by 4.4% during the 1st quarter. Norinchukin Bank The now owns 5,586 shares of the real estate investment trust's stock worth $719,000 after acquiring an additional 235 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Sun Communities by 10.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,118,054 shares of the real estate investment trust's stock worth $787,029,000 after acquiring an additional 568,514 shares during the last quarter. Wellington Management Group LLP grew its holdings in Sun Communities by 63.2% during the 1st quarter. Wellington Management Group LLP now owns 496,978 shares of the real estate investment trust's stock worth $63,931,000 after acquiring an additional 192,411 shares during the last quarter. Northern Trust Corp grew its holdings in Sun Communities by 4.8% during the 1st quarter. Northern Trust Corp now owns 1,160,858 shares of the real estate investment trust's stock worth $149,333,000 after acquiring an additional 53,464 shares during the last quarter. Finally, Versor Investments LP grew its holdings in Sun Communities by 92.5% during the 1st quarter. Versor Investments LP now owns 6,545 shares of the real estate investment trust's stock worth $842,000 after acquiring an additional 3,145 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Trading Down 0.9%

Sun Communities stock traded down $1.09 during midday trading on Thursday, hitting $125.45. 772,631 shares of the stock were exchanged, compared to its average volume of 876,473. The company has a fifty day simple moving average of $125.65 and a two-hundred day simple moving average of $125.77. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The stock has a market capitalization of $15.70 billion, a PE ratio of 12.28, a P/E/G ratio of 6.44 and a beta of 0.83. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.09. The business 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 earned $1.86 EPS. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. Equities research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $1.04 per share. This is an increase from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date was Monday, June 30th. This represents a $4.16 annualized dividend and a yield of 3.3%. Sun Communities's dividend payout ratio is 40.70%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SUI shares. Truist Financial lifted their price target on shares of Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Royal Bank Of Canada reduced their price objective on shares of Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research note on Friday, August 1st. JMP Securities reaffirmed a "market outperform" rating and set a $140.00 target price on shares of Sun Communities in a report on Tuesday, May 20th. Bank of America increased 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. Finally, Robert W. Baird lifted their price objective on Sun Communities from $126.00 to $134.00 and gave the stock a "neutral" rating in a research note on Monday, August 11th. Six research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sun Communities presently has an average rating of "Hold" and a consensus target price of $138.21.

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.