Sun Communities, Inc. (NYSE:SUI) Director Acquires $432,433.35 in Stock

Sun Communities, Inc. (NYSE:SUI) Director Jeff Blau acquired 3,665 shares of the stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the transaction, the director now owns 3,665 shares of the company’s stock, valued at approximately $432,433.35. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

Sun Communities Stock Performance

NYSE SUI opened at $125.55 on Thursday. The company’s 50 day moving average is $122.88 and its 200-day moving average is $125.43. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.02 billion, a P/E ratio of 67.50 and a beta of 0.86.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating the consensus estimate 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 7.46% and a return on equity of 3.21%. Sun Communities’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.19 earnings per share. Sell-side analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a dividend of $1.04 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $4.16 annualized dividend and a yield of 3.31%. This is a boost from Sun Communities’s previous quarterly dividend of $0.94. Sun Communities’s payout ratio is currently 670.97%.

Hedge Funds Weigh In On Sun Communities

Several hedge funds have recently bought and sold shares of the company. Nicola Wealth Management LTD. grew its stake in Sun Communities by 26.5% during the first quarter. Nicola Wealth Management LTD. now owns 10,984 shares of the real estate investment trust’s stock valued at $1,413,000 after acquiring an additional 2,300 shares in the last quarter. First Hawaiian Bank grew its stake in Sun Communities by 25.3% during the first quarter. First Hawaiian Bank now owns 28,125 shares of the real estate investment trust’s stock valued at $3,618,000 after acquiring an additional 5,685 shares in the last quarter. Inspire Investing LLC grew its stake in Sun Communities by 5.7% in the 1st quarter. Inspire Investing LLC now owns 14,129 shares of the real estate investment trust’s stock worth $1,818,000 after buying an additional 761 shares in the last quarter. Anson Funds Management LP grew its stake in Sun Communities by 67.9% in the 1st quarter. Anson Funds Management LP now owns 36,920 shares of the real estate investment trust’s stock worth $4,749,000 after buying an additional 14,930 shares in the last quarter. Finally, Strs Ohio purchased a new position in Sun Communities in the 1st quarter worth approximately $27,381,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on SUI. Truist Financial set a $137.00 price objective on shares of Sun Communities and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Royal Bank of Canada lowered their price objective on shares of Sun Communities from $154.00 to $147.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Bank of America lifted their price objective on shares of Sun Communities from $124.00 to $132.00 and gave the stock an “underperform” rating in a research report on Monday, May 12th. Wall Street Zen raised shares of Sun Communities from a “sell” rating to a “hold” rating in a research report on Saturday, May 31st. Finally, JMP Securities reissued a “market outperform” rating and issued a $140.00 price target on shares of Sun Communities in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $139.09.

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.