Versor Investments LP Raises Stake in Sun Communities, Inc. $SUI

Key Points

• Versor Investments LP increased its stake in Sun Communities, Inc. by 92.5% during the first quarter, holding 6,545 shares valued at approximately $842,000.
• Sun Communities announced a quarterly dividend of $1.04, up from the previous $0.94, representing an annualized yield of 3.3%.
• The company reported earnings of $1.76 per share for the last quarter, exceeding analysts' expectations by $0.09, with a net margin of 48.86%.

Versor Investments LP boosted its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 92.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,545 shares of the real estate investment trust's stock after buying an additional 3,145 shares during the period. Versor Investments LP's holdings in Sun Communities were worth $842,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Utah Retirement Systems boosted its position in Sun Communities by 0.5% in the fourth quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock valued at $2,521,000 after buying an additional 100 shares during the last quarter. Cascade Investment Advisors Inc. boosted its position in Sun Communities by 1.0% in the first quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock valued at $1,347,000 after buying an additional 100 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Sun Communities by 0.4% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,108 shares of the real estate investment trust's stock valued at $3,487,000 after buying an additional 100 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Sun Communities by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,504 shares of the real estate investment trust's stock valued at $322,000 after buying an additional 102 shares during the last quarter. Finally, Bessemer Group Inc. boosted its position in Sun Communities by 11.6% in the first quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock valued at $149,000 after buying an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Trading Down 1.9%

Shares of NYSE:SUI opened at $125.39 on Tuesday. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The firm has a market capitalization of $15.69 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 6.59 and a beta of 0.83. 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 business's 50 day moving average price is $125.46 and its 200-day moving average price is $125.74.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $623.50 million for the quarter, compared to analyst estimates of $614.79 million. During the same quarter last year, the firm posted $1.86 EPS. On average, equities research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently commented on SUI shares. JMP Securities reiterated a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. Robert W. Baird upped their price objective on Sun Communities from $126.00 to $134.00 and gave the stock a "neutral" rating in a research report on Monday, August 11th. Colliers Securities initiated coverage on Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price objective on the stock. Finally, Royal Bank Of Canada lowered their price objective on Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research report on Friday, August 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $138.43.

Insiders Place Their Bets

In other news, Director Jeff Blau acquired 3,665 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were bought at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the acquisition, the director owned 3,665 shares of the company's stock, valued at approximately $432,433.35. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.89% 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.

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