Vision Capital Corp Reduces Stake in Sun Communities, Inc. (NYSE:SUI)

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 cut its holdings 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 filing with the Securities and Exchange Commission (SEC). The fund owned 274,860 shares of the real estate investment trust's stock after selling 175,000 shares during the quarter. Sun Communities makes up 8.1% of Vision Capital Corp's investment portfolio, making the stock its largest holding. Vision Capital Corp owned 0.22% of Sun Communities worth $35,358,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Opal Wealth Advisors LLC bought a new position in Sun Communities in the 1st quarter worth about $29,000. GKV Capital Management Co. Inc. bought a new position in Sun Communities in the 1st quarter worth about $42,000. Parallel Advisors LLC boosted its stake in Sun Communities by 66.4% in the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock worth $61,000 after purchasing an additional 190 shares during the period. Avalon Trust Co bought a new position in Sun Communities in the 1st quarter worth about $65,000. Finally, Blue Trust Inc. boosted its stake in Sun Communities by 510.4% in the 1st quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock worth $75,000 after purchasing an additional 490 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Morgan Stanley initiated coverage on Sun Communities in a research note on Tuesday, July 15th. They issued an "equal weight" rating and a $135.00 target price for the company. Truist Financial lifted their price target on Sun Communities from $137.00 to $141.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. JMP Securities reiterated a "market outperform" rating and set a $140.00 price target on shares of Sun Communities in a research report on Tuesday, May 20th. Robert W. Baird lifted their price target on Sun Communities from $126.00 to $134.00 and gave the company a "neutral" rating in a research report on Monday, August 11th. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price target on Sun Communities and gave the company a "hold" rating in a research report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $138.43.

Insider Buying and Selling at Sun Communities

In other Sun Communities news, Director Jeff Blau acquired 3,665 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the transaction, the director owned 3,665 shares in the company, valued at $432,433.35. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.77% of the company's stock.

Sun Communities Trading Up 0.4%

Sun Communities stock traded up $0.50 during trading hours on Friday, reaching $127.71. The company had a trading volume of 638,738 shares, compared to its average volume of 1,165,275. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.08 and a quick ratio of 7.08. The company has a 50-day moving average price of $125.46 and a 200 day moving average price of $125.75. The firm has a market cap of $15.98 billion, a price-to-earnings ratio of 12.50, a P/E/G ratio of 6.59 and a beta of 0.83. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, topping analysts' consensus estimates of $1.67 by $0.09. The business had revenue of $623.50 million for the quarter, compared to analysts' expectations 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 in the previous year, the firm earned $1.86 EPS. Equities analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

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