Teacher Retirement System of Texas Purchases New Stake in Sun Communities, Inc. (NYSE:SUI)

Teacher Retirement System of Texas acquired a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 18,598 shares of the real estate investment trust's stock, valued at approximately $2,392,000.

A number of other institutional investors also recently modified their holdings of SUI. Norges Bank bought a new stake in shares of Sun Communities in the 4th quarter valued at $888,783,000. Cohen & Steers Inc. boosted its stake in shares of Sun Communities by 30.3% in the 4th quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares during the last quarter. Dodge & Cox boosted its stake in shares of Sun Communities by 61.1% in the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock valued at $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. FMR LLC boosted its stake in shares of Sun Communities by 51.3% in the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock valued at $973,660,000 after purchasing an additional 2,684,214 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Sun Communities by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock worth $682,429,000 after acquiring an additional 911,857 shares in the last quarter. 99.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SUI. Bank of America increased their target price on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research note on Monday, May 12th. Barclays began coverage on shares of Sun Communities in a research note on Thursday, May 29th. They set an "overweight" rating and a $141.00 target price on the stock. Truist Financial set a $137.00 price objective on shares of Sun Communities and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Colliers Securities began 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. Finally, Royal Bank Of Canada lowered their price objective on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Two research 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's stock. According to MarketBeat.com, Sun Communities currently has a consensus rating of "Hold" and a consensus target price of $138.08.

Sun Communities Stock Down 0.3%

Shares of SUI stock traded down $0.36 on Friday, hitting $125.60. The stock had a trading volume of 1,450,955 shares, compared to its average volume of 864,111. The business has a 50 day moving average of $124.91 and a 200 day moving average of $125.74. The stock has a market cap of $16.03 billion, a price-to-earnings ratio of 202.58, a price-to-earnings-growth ratio of 8.58 and a beta of 0.86. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. The company had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The firm's revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.19 earnings per share. As a group, analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a dividend of $1.04 per share. The ex-dividend date is Monday, June 30th. This represents a $4.16 annualized dividend and a yield of 3.31%. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is presently 670.97%.

Insiders Place Their Bets

In related news, Director Jeff Blau purchased 3,665 shares of Sun Communities stock in a transaction that occurred on Friday, May 23rd. The stock was bought at an average price 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 represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.77% of the company's stock.

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.