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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Sun Communities by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 17,947,285 shares of the real estate investment trust's stock valued at $2,308,739,000 after acquiring an additional 403,923 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in 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 valued at $682,429,000 after acquiring an additional 911,857 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Sun Communities by 2.8% during 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 period. Deutsche Bank AG boosted its holdings in Sun Communities by 103.7% during 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 period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Sun Communities by 3.1% during 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 valued at $167,769,000 after acquiring an additional 40,832 shares during the period. Institutional investors own 99.59% of the company's stock.

Sun Communities Stock Performance

SUI stock traded up $0.50 on Friday, reaching $127.71. The company's stock had a trading volume of 638,738 shares, compared to its average volume of 1,165,275. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The company has a market capitalization of $15.98 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 6.56 and a beta of 0.83. The firm has a fifty day moving average of $125.46 and a two-hundred day moving average of $125.74. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.08 and a quick ratio of 7.08.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.09. The firm had revenue of $623.50 million during the quarter, compared to analyst estimates of $614.79 million. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%. During the same period last year, the company posted $1.86 EPS. As a group, analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal 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 issued a dividend of $1.04 per share. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, June 30th. Sun Communities's dividend payout ratio is 40.70%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SUI. JMP Securities reaffirmed a "market outperform" rating and set a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Wall Street Zen raised Sun Communities from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Colliers Securities began coverage on Sun Communities in a research report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target for the company. Robert W. Baird boosted their price target on Sun Communities from $126.00 to $134.00 and gave the stock a "neutral" rating in a research report on Monday. Finally, Bank of America boosted their price target on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $138.43.

Insider Activity

In related news, Director Jeff Blau bought 3,665 shares of the business's stock in a transaction on Friday, May 23rd. The shares were bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the acquisition, the director directly owned 3,665 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 1.77% 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.