Virtu Financial LLC Acquires New Holdings in Sun Communities, Inc. $SUI

Key Points

• Virtu Financial LLC has acquired a new position in Sun Communities, Inc., purchasing 3,903 shares valued at approximately $502,000 during the first quarter.
• A range of hedge funds have also increased their stakes in Sun Communities, with Price T Rowe Associates Inc. MD growing its position by 19.7% and Deutsche Bank AG boosting its stake by 103.7%.
• Sun Communities recently announced a quarterly dividend increase to $1.04 per share, reflecting a 3.2% yield, up from the previous $0.94 dividend.

Virtu Financial LLC purchased a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,903 shares of the real estate investment trust's stock, valued at approximately $502,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Sun Communities by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 17,947,285 shares of the real estate investment trust's stock worth $2,308,739,000 after buying an additional 403,923 shares in the last quarter. Price T Rowe Associates Inc. MD grew 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 valued at $682,429,000 after acquiring an additional 911,857 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Sun Communities by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,829,816 shares of the real estate investment trust's stock valued at $225,012,000 after acquiring an additional 49,404 shares during the last quarter. Deutsche Bank AG increased its holdings in Sun Communities by 103.7% in the 1st quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock valued at $207,294,000 after acquiring an additional 820,422 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Sun Communities by 3.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,364,311 shares of the real estate investment trust's stock worth $167,769,000 after purchasing an additional 40,832 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

Insider Transactions at Sun Communities

In other news, Director Jeff Blau bought 3,665 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was acquired at an average cost of $117.99 per share, with a total value of $432,433.35. Following the transaction, the director directly owned 3,665 shares in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.89% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank Of Canada dropped their price target on Sun Communities from $147.00 to $143.00 and set an "outperform" rating for the company in a research note on Friday, August 1st. Colliers Securities assumed coverage on Sun Communities in a report on Friday, June 13th. They set a "neutral" rating and a $130.00 price objective on the stock. Robert W. Baird raised their target price on shares of Sun Communities from $126.00 to $134.00 and gave the company a "neutral" rating in a report on Monday, August 11th. Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the stock a "hold" rating in a research report on Wednesday, June 25th. Finally, Morgan Stanley began coverage on shares of Sun Communities in a research note on Tuesday, July 15th. They issued an "equal weight" rating and a $135.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Sun Communities presently has an average rating of "Hold" and an average price target of $138.43.

Sun Communities Trading Down 1.4%

Sun Communities stock traded down $1.73 during mid-day trading on Monday, hitting $126.04. The company's stock had a trading volume of 302,398 shares, compared to its average volume of 875,701. The company has a debt-to-equity ratio of 0.55, a quick ratio of 7.08 and a current ratio of 7.08. The company has a 50 day moving average of $125.46 and a 200-day moving average of $125.75. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The stock has a market cap of $15.77 billion, a PE ratio of 12.34, a P/E/G ratio of 6.59 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly 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 net margin of 48.86% and a negative return on equity of 0.60%. The company had revenue of $623.50 million for the quarter, compared to the consensus estimate of $614.79 million. During the same quarter last year, the firm posted $1.86 EPS. On average, research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

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

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.