Vanguard Group Inc. Buys 403,923 Shares of Sun Communities, Inc. (NYSE:SUI)

Key Points

• Vanguard Group Inc. increased its stake in Sun Communities, Inc. by 2.3%, acquiring an additional 403,923 shares, totaling approximately 14.07% ownership valued at $2.31 billion.
• Sun Communities recently declared a quarterly dividend of $1.04, up from $0.94, which reflects a 3.3% dividend yield and a payout ratio of 40.70%.
• Sun Communities' latest earnings report showed an EPS of $1.76, exceeding the consensus estimate, with a revenue of $623.5 million for the quarter.

Vanguard Group Inc. increased its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,947,285 shares of the real estate investment trust's stock after acquiring an additional 403,923 shares during the quarter. Vanguard Group Inc. owned approximately 14.07% of Sun Communities worth $2,308,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of SUI. Opal Wealth Advisors LLC bought a new stake in shares of Sun Communities in the 1st quarter worth approximately $29,000. Parallel Advisors LLC grew its position in shares of Sun Communities by 66.4% in the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock worth $61,000 after buying an additional 190 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Sun Communities in the 1st quarter worth approximately $65,000. Blue Trust Inc. grew its position in shares of Sun Communities by 510.4% in the 1st quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock worth $75,000 after buying an additional 490 shares during the last quarter. Finally, Natixis bought a new stake in shares of Sun Communities in the 4th quarter worth approximately $90,000. 99.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, Director Jeff Blau purchased 3,665 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was purchased at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the purchase, the director directly owned 3,665 shares of the company's stock, 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 SEC, which can be accessed through the SEC website. 1.77% of the stock is owned by corporate insiders.

Sun Communities Trading Up 0.3%

Sun Communities stock opened at $125.44 on Friday. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55. The business's fifty day simple moving average is $125.19 and its two-hundred day simple moving average is $125.77. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The company has a market capitalization of $15.70 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 8.47 and a beta of 0.83.

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

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $1.04 dividend. This is an increase from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, June 30th. Sun Communities's dividend payout ratio (DPR) is presently 40.70%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SUI. Wall Street Zen upgraded Sun Communities from a "sell" rating to a "hold" rating in a research report on Saturday. Robert W. Baird cut their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Morgan Stanley started coverage on Sun Communities in a research report on Tuesday, July 15th. They set an "equal weight" rating and a $135.00 price target on the stock. Bank of America increased 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. Finally, Colliers Securities started coverage on Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Sun Communities currently has an average rating of "Hold" and an average target price of $137.86.

Sun Communities Company 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.

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