Zurcher Kantonalbank Zurich Cantonalbank Lowers Position in Sun Communities, Inc. (NYSE:SUI)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 4.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,677 shares of the real estate investment trust's stock after selling 4,154 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.07% of Sun Communities worth $12,051,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Utah Retirement Systems raised its stake in shares of Sun Communities by 0.5% during the 4th 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 in the last quarter. Cascade Investment Advisors Inc. grew its holdings in Sun Communities by 1.0% in the 1st quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust's stock valued at $1,347,000 after buying an additional 100 shares during the last quarter. Bessemer Group Inc. increased its position in Sun Communities by 11.6% during the first 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 during the period. Quadrant Capital Group LLC lifted its stake in shares of Sun Communities by 17.2% in the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after buying an additional 123 shares during the period. Finally, Captrust Financial Advisors increased its stake in Sun Communities by 3.7% during the fourth quarter. Captrust Financial Advisors now owns 3,627 shares of the real estate investment trust's stock valued at $446,000 after acquiring an additional 128 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SUI shares. Jefferies Financial Group started coverage on Sun Communities in a report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective for the company. Morgan Stanley began coverage on shares of Sun Communities in a report on Tuesday, July 15th. They issued an "equal weight" rating and a $135.00 price target for the company. Barclays started coverage on Sun Communities in a report on Thursday, May 29th. They set an "overweight" rating and a $141.00 target price on the stock. JMP Securities reissued a "market outperform" rating and set a $140.00 target price on shares of Sun Communities in a report on Tuesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft set a $135.00 price target on shares of Sun Communities and gave the company a "hold" rating in a report on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $137.57.

Insider Buying and Selling

In related news, Director Jeff Blau acquired 3,665 shares of the stock in a transaction on Friday, May 23rd. The stock was acquired 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 of the company's stock, valued at approximately $432,433.35. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.77% of the company's stock.

Sun Communities Trading Up 0.3%

SUI stock traded up $0.35 during trading on Friday, hitting $124.38. 1,558,208 shares of the company traded hands, compared to its average volume of 1,067,312. The company has a 50-day moving average of $124.80 and a 200-day moving average of $125.74. 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 1 year low of $109.22 and a 1 year high of $147.83. The firm has a market capitalization of $15.88 billion, a PE ratio of 12.17, a P/E/G ratio of 8.42 and a beta of 0.83.

Sun Communities (NYSE:SUI - Get Free Report) last issued its 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. The company had revenue of $623.50 million for 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 0.61%. During the same period in the previous year, the firm earned $1.86 earnings per share. Analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The business also recently disclosed 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. This represents a $4.16 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. This is an increase from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's payout ratio is presently 40.70%.

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.