Tokio Marine Asset Management Co. Ltd. Has $618,000 Position in Sun Communities, Inc. (NYSE:SUI)

Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 9.3% during the first quarter, Holdings Channel reports. The fund owned 4,807 shares of the real estate investment trust’s stock after buying an additional 409 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Sun Communities were worth $618,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SUI. Raymond James Financial Inc. acquired a new position in shares of Sun Communities during the 4th quarter valued at $16,051,000. Mariner LLC grew its stake in shares of Sun Communities by 5.0% in the 4th quarter. Mariner LLC now owns 11,601 shares of the real estate investment trust’s stock worth $1,427,000 after acquiring an additional 556 shares in the last quarter. Farringdon Capital Ltd. bought a new position in Sun Communities during the fourth quarter valued at about $403,000. CANADA LIFE ASSURANCE Co grew its position in Sun Communities by 6.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 176,926 shares of the real estate investment trust’s stock valued at $21,739,000 after buying an additional 11,087 shares during the period. Finally, Capital International Investors bought a new position in Sun Communities during the fourth quarter valued at about $54,709,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada reduced their price target on shares of Sun Communities from $147.00 to $143.00 and set an “outperform” rating for the company in a research report on Friday, August 1st. Barclays assumed coverage on shares of Sun Communities in a research report on Thursday, May 29th. They set an “overweight” rating and a $141.00 price target for the company. Robert W. Baird increased their price target on shares of Sun Communities from $126.00 to $134.00 and gave the company a “neutral” rating in a research report on Monday, August 11th. Morgan Stanley started coverage on shares of Sun Communities in a research report on Tuesday, July 15th. They set an “equal weight” rating and a $135.00 price target for the company. Finally, Truist Financial upped their price objective on shares of Sun Communities from $137.00 to $141.00 and gave the company a “buy” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Sun Communities currently has an average rating of “Hold” and an average target price of $138.43.

Sun Communities Trading Up 0.4%

Shares of Sun Communities stock opened at $127.71 on Friday. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The company has a market cap of $15.98 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 6.56 and a beta of 0.83. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average price is $125.46 and its 200-day moving average price is $125.74.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.09. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. The firm had revenue of $623.50 million for the quarter, compared to the consensus estimate of $614.79 million. During the same period in the prior year, the firm posted $1.86 earnings per share. On average, equities analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a $1.04 dividend. The ex-dividend date of this dividend was 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 dividend yield of 3.3%. Sun Communities’s payout ratio is currently 40.70%.

Insider Activity

In other news, Director Jeff Blau purchased 3,665 shares of the stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, with a total value of $432,433.35. Following the completion of the acquisition, the director owned 3,665 shares in the company, valued at $432,433.35. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.77% of the company’s stock.

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.