Victory Capital Management Inc. Cuts Stock Position in Sun Communities, Inc. (NYSE:SUI)

Victory Capital Management Inc. trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 8.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in Sun Communities during the fourth quarter worth about $888,783,000. Cohen & Steers Inc. lifted its stake in Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock worth $2,013,414,000 after purchasing an additional 3,811,528 shares during the last quarter. Dodge & Cox lifted its stake in Sun Communities by 61.1% during the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock worth $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. FMR LLC lifted its stake in Sun Communities by 51.3% during the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock worth $973,660,000 after purchasing an additional 2,684,214 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted 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 purchasing an additional 911,857 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Sun Communities

In other news, Director Jeff Blau purchased 3,665 shares of the stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, with a total value of $432,433.35. Following the acquisition, the director directly owned 3,665 shares of the company's stock, valued at $432,433.35. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.89% of the company's stock.

Wall Street Analysts Forecast Growth

SUI has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft set a $135.00 price target on Sun Communities and gave the stock a "hold" rating in a research note on Wednesday, June 25th. JMP Securities reaffirmed a "market outperform" rating and set a $140.00 price target on shares of Sun Communities in a research note on Tuesday, May 20th. Jefferies Financial Group initiated coverage on Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 price target for the company. Barclays assumed coverage on Sun Communities in a research note on Thursday, May 29th. They issued an "overweight" rating and a $141.00 target price for the company. Finally, Royal Bank Of Canada reduced their price target on 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, eight have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Sun Communities has a consensus rating of "Hold" and an average price target of $137.86.

Sun Communities Stock Down 0.5%

Shares of Sun Communities stock traded down $0.65 during midday trading on Monday, hitting $118.99. The company had a trading volume of 86,450 shares, compared to its average volume of 836,247. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.25 and a current ratio of 2.25. The stock has a market capitalization of $15.19 billion, a P/E ratio of 191.81, a P/E/G ratio of 8.13 and a beta of 0.86. The company has a 50 day moving average of $124.91 and a 200 day moving average of $125.84. Sun Communities, Inc. has a 52-week low of $109.22 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.08. The company had revenue of $470.20 million for the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The firm's quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.19 EPS. On average, 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 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. The ex-dividend date of this dividend is Monday, June 30th. 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 3.50%. Sun Communities's dividend payout ratio is 670.97%.

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.