Victory Capital Management Inc. Sells 6,165 Shares of Sun Communities, Inc. (NYSE:SUI)

Victory Capital Management Inc. trimmed its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 8.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,740 shares of the real estate investment trust's stock after selling 6,165 shares during the quarter. Victory Capital Management Inc. owned about 0.05% of Sun Communities worth $8,843,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in Sun Communities in the fourth quarter valued at about $888,783,000. Cohen & Steers Inc. lifted its position in Sun Communities by 30.3% during 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 period. Dodge & Cox lifted its position in Sun Communities by 61.1% during 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 period. 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 grew its position in shares of Sun Communities by 19.7% during the 4th 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 buying an additional 911,857 shares during the period. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Down 1.0%

Shares of NYSE:SUI traded down $1.15 during trading on Friday, hitting $119.68. 816,038 shares of the company's stock traded hands, compared to its average volume of 1,020,692. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 1.01. The company has a 50-day moving average price of $124.91 and a 200-day moving average price of $125.79. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The company has a market cap of $15.28 billion, a price-to-earnings ratio of 193.03, a price-to-earnings-growth ratio of 8.21 and a beta of 0.86.

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, topping the consensus estimate of $1.18 by $0.08. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The firm had revenue of $470.20 million for the quarter, compared to the consensus estimate of $538.63 million. During the same period last year, the company posted $1.19 EPS. The business's quarterly revenue was up .2% on a year-over-year basis. As a group, research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a $1.04 dividend. This is a boost from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 3.48%. The ex-dividend date is Monday, June 30th. Sun Communities's payout ratio is currently 670.97%.

Analyst Ratings Changes

SUI has been the subject of a number of recent research reports. Bank of America boosted their price target 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. Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They set a "buy" rating and a $150.00 target price for the company. Robert W. Baird cut their price target on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the stock a "hold" rating in a research note on Wednesday, June 25th. Finally, Barclays started coverage on Sun Communities in a report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $137.86.

Insiders Place Their Bets

In other news, Director Jeff Blau bought 3,665 shares of the stock in a transaction on 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 acquisition, the director owned 3,665 shares in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.77% of the company's stock.

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.