Sun Communities, Inc. (NYSE:SUI) is Vision Capital Corp's Largest Position

Key Points

• Vision Capital Corp has reduced its stake in Sun Communities, Inc. by 38.9%, selling 175,000 shares, yet the company still remains its largest holding at approximately $35.36 million.
• Despite the reduction, institutional investors continue to hold the majority of Sun Communities stock, owning 99.59% of shares, indicating strong institutional interest in the REIT.
• Sun Communities increased its quarterly dividend from $0.94 to $1.04, reflecting a strong return with an annual yield of 3.3%.

Vision Capital Corp trimmed its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 38.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 274,860 shares of the real estate investment trust's stock after selling 175,000 shares during the period. Sun Communities accounts for approximately 8.1% of Vision Capital Corp's portfolio, making the stock its largest holding. Vision Capital Corp owned 0.22% of Sun Communities worth $35,358,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Utah Retirement Systems grew its stake in shares of Sun Communities by 0.5% in the fourth quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust's stock worth $2,521,000 after purchasing an additional 100 shares during the last quarter. Cascade Investment Advisors Inc. grew its stake in shares of Sun Communities by 1.0% in the first quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock worth $1,347,000 after purchasing an additional 100 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Sun Communities by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,504 shares of the real estate investment trust's stock worth $322,000 after purchasing an additional 102 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of Sun Communities by 11.6% in the first quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after purchasing an additional 120 shares during the last quarter. Finally, Captrust Financial Advisors grew its stake in shares of Sun Communities by 3.7% in the fourth quarter. Captrust Financial Advisors now owns 3,627 shares of the real estate investment trust's stock worth $446,000 after purchasing an additional 128 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Sun Communities Stock Up 0.4%

Shares of NYSE SUI traded up $0.50 during midday trading on Friday, reaching $127.71. 638,738 shares of the company's stock traded hands, compared to its average volume of 1,165,275. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. The stock's 50 day simple moving average is $125.46 and its 200-day simple moving average is $125.74. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The company has a market cap of $15.98 billion, a price-to-earnings ratio of 12.50, a P/E/G ratio of 6.56 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.09. The company had revenue of $623.50 million during the quarter, compared to the consensus estimate 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 period last year, the firm earned $1.86 earnings per share. On average, analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

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

Insider Buying and Selling

In other news, Director Jeff Blau purchased 3,665 shares of the stock in a transaction on Friday, May 23rd. The stock was bought at an average price of $117.99 per share, with a total value of $432,433.35. Following the transaction, the director owned 3,665 shares in the company, valued at $432,433.35. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.77% of the company's stock.

Wall Street Analyst Weigh In

SUI has been the subject of several research analyst reports. JMP Securities restated a "market outperform" rating and issued a $140.00 price objective on shares of Sun Communities in a report on Tuesday, May 20th. Royal Bank Of Canada lowered their price objective on shares of Sun Communities from $147.00 to $143.00 and set an "outperform" rating for the company in a report on Friday, August 1st. Deutsche Bank Aktiengesellschaft set a $135.00 target price on shares of Sun Communities and gave the company a "hold" rating in a report on Wednesday, June 25th. Colliers Securities initiated coverage on shares of Sun Communities in a report on Friday, June 13th. They set a "neutral" rating and a $130.00 target price for the company. Finally, Wall Street Zen upgraded shares of Sun Communities from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $138.43.

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.