VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Sun Communities, Inc. $SUI

Key Points

• The Virginia Retirement Systems purchased 31,680 shares of Sun Communities, Inc. for approximately $4 million during the 2nd quarter, indicating growing institutional interest in the REIT sector.
• During the same period, several other investors also increased their holdings, with Cannon Global Investment Management increasing its stake by 36.4% and Allianz Asset Management growing its position by 8.2%.
• Sun Communities reported earnings per share of $1.76 for the last quarter, exceeding analysts' estimates, and it declared a dividend of $1.04 per share, representing a yield of 3.3%.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 31,680 shares of the real estate investment trust's stock, valued at approximately $4,007,000.

Several other large investors have also recently added to or reduced their stakes in the business. Cannon Global Investment Management LLC increased its stake in Sun Communities by 36.4% during the 2nd quarter. Cannon Global Investment Management LLC now owns 7,500 shares of the real estate investment trust's stock worth $949,000 after buying an additional 2,000 shares during the period. Nordea Investment Management AB grew its holdings in Sun Communities by 7.2% during the 2nd quarter. Nordea Investment Management AB now owns 10,710 shares of the real estate investment trust's stock worth $1,358,000 after acquiring an additional 720 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in Sun Communities by 8.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 125,847 shares of the real estate investment trust's stock worth $15,918,000 after acquiring an additional 9,555 shares in the last quarter. Naviter Wealth LLC grew its holdings in Sun Communities by 12.0% during the 2nd quarter. Naviter Wealth LLC now owns 8,132 shares of the real estate investment trust's stock worth $1,037,000 after acquiring an additional 870 shares in the last quarter. Finally, Lincluden Management Ltd. acquired a new position in Sun Communities during the 2nd quarter worth approximately $2,843,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Up 0.5%

Shares of Sun Communities stock opened at $124.37 on Tuesday. The stock has a market cap of $15.56 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 6.36 and a beta of 0.86. The company has a fifty day simple moving average of $127.03 and a 200-day simple moving average of $125.05. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $140.49.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, topping analysts' consensus estimates of $1.67 by $0.09. The firm had revenue of $623.50 million during the quarter, compared to analysts' expectations of $614.79 million. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. During the same quarter in the prior year, the business earned $1.86 EPS. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. On average, equities analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $1.04 per share. The ex-dividend date was Tuesday, September 30th. This represents a $4.16 dividend on an annualized basis and a yield of 3.3%. Sun Communities's dividend payout ratio is presently 40.70%.

Analysts Set New Price Targets

Several research firms have commented on SUI. Truist Financial boosted their price target on shares of Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Wells Fargo & Company lowered their price target on shares of Sun Communities from $135.00 to $132.00 and set an "equal weight" rating for the company in a report on Wednesday, August 27th. Weiss Ratings restated a "hold (c)" rating on shares of Sun Communities in a report on Wednesday, October 8th. Finally, Morgan Stanley set a $142.00 target price on shares of Sun Communities in a report on Thursday, September 4th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $137.86.

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.

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