Whittier Trust Co. Boosts Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Whittier Trust Co. lifted its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 13.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 245,316 shares of the real estate investment trust's stock after purchasing an additional 29,177 shares during the period. Whittier Trust Co. owned about 0.19% of Sun Communities worth $31,557,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Sun Communities by 23.8% during the 1st quarter. GAMMA Investing LLC now owns 1,047 shares of the real estate investment trust's stock worth $135,000 after acquiring an additional 201 shares in the last quarter. Bessemer Group Inc. grew its holdings in Sun Communities by 11.6% during the 1st quarter. Bessemer Group Inc. now owns 1,153 shares of the real estate investment trust's stock worth $149,000 after acquiring an additional 120 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Sun Communities by 9.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,042 shares of the real estate investment trust's stock worth $520,000 after acquiring an additional 365 shares in the last quarter. Amalgamated Bank grew its holdings in Sun Communities by 7.3% during the 1st quarter. Amalgamated Bank now owns 6,755 shares of the real estate investment trust's stock worth $869,000 after acquiring an additional 462 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new position in Sun Communities during the 1st quarter worth about $2,392,000. 99.59% of the stock is currently owned by institutional investors.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Jeff Blau purchased 3,665 shares of Sun Communities stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $117.99 per share, with a total value of $432,433.35. Following the transaction, the director owned 3,665 shares of the company's stock, valued at $432,433.35. This represents a ∞ increase in their position. The transaction 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.

Sun Communities Stock Performance

SUI stock traded up $0.86 during trading on Friday, reaching $125.46. The company had a trading volume of 638,868 shares, compared to its average volume of 876,726. The firm has a 50-day simple moving average of $124.85 and a 200-day simple moving average of $125.77. The company has a market cap of $16.01 billion, a price-to-earnings ratio of 202.40, a price-to-earnings-growth ratio of 8.53 and a beta of 0.86. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.25 and a current ratio of 2.25. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.08. The company had revenue of $470.20 million during the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. Sun Communities's revenue for the quarter was up .2% on a year-over-year basis. During the same period last year, the business earned $1.19 EPS. As a group, sell-side analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $1.04 per share. The ex-dividend date is Monday, June 30th. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 3.32%. Sun Communities's dividend payout ratio (DPR) is currently 670.97%.

Analysts Set New Price Targets

Several research analysts have issued reports on SUI shares. Deutsche Bank Aktiengesellschaft set a $135.00 target price on shares of Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Barclays started coverage on shares of Sun Communities in a report on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price target on the stock. Jefferies Financial Group started coverage on shares of Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target on the stock. Bank of America raised their price target on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday, May 12th. Finally, Colliers Securities started coverage on shares of Sun Communities in a report on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus 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.