Raymond James Financial Inc. Has $15.95 Million Holdings in Sun Communities, Inc. $SUI

Key Points

• Raymond James Financial Inc. has reduced its stake in Sun Communities, Inc. by 5.0%, now holding approximately 124,026 shares, valued at about $15.95 million.
• Sun Communities reported quarterly earnings of $1.76 EPS, exceeding analyst expectations, with revenue of $623.5 million during the period.
• The company recently increased its quarterly dividend to $1.04 per share, reflecting an annualized yield of 3.3% and a payout ratio of 40.70%.

Raymond James Financial Inc. lowered its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 5.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 124,026 shares of the real estate investment trust's stock after selling 6,501 shares during the period. Raymond James Financial Inc. owned 0.10% of Sun Communities worth $15,954,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Utah Retirement Systems grew its holdings in Sun Communities by 0.5% during the fourth quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock worth $2,521,000 after purchasing an additional 100 shares during the period. Cascade Investment Advisors Inc. grew 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 purchasing an additional 100 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Sun Communities by 0.4% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,108 shares of the real estate investment trust's stock worth $3,487,000 after purchasing an additional 100 shares during the period. PNC Financial Services Group Inc. grew 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 purchasing an additional 102 shares during the period. Finally, Bessemer Group Inc. grew 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 purchasing an additional 120 shares during the period. Institutional investors own 99.59% of the company's stock.

Sun Communities Price Performance

Shares of NYSE SUI traded up $1.38 during midday trading on Friday, reaching $126.94. The company's stock had a trading volume of 854,946 shares, compared to its average volume of 990,293. 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 fifty-two week low of $109.22 and a fifty-two week high of $147.83. The business's 50 day moving average price is $125.66 and its two-hundred day moving average price is $125.77. The company has a market cap of $15.89 billion, a P/E ratio of 12.42, a P/E/G ratio of 6.55 and a beta of 0.86.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.67 by $0.09. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. The company had revenue of $623.50 million during the quarter, compared to the consensus estimate of $614.79 million. During the same period in the previous year, the business earned $1.86 earnings per share. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. On average, analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts recently commented on SUI shares. JMP Securities reiterated a "market outperform" rating and set a $140.00 price target on shares of Sun Communities in a report on Tuesday, May 20th. Colliers Securities assumed coverage on Sun Communities in a report on Friday, June 13th. They set a "neutral" rating and a $130.00 price objective for the company. Truist Financial boosted their price objective on Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Morgan Stanley assumed coverage on Sun Communities in a report on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 price objective for the company. Finally, Bank of America boosted their price objective on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. Six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average 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.