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

Sun Communities, Inc. (NYSE:SUI) Director Jeff Blau bought 3,665 shares of the stock in a transaction that occurred on 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 purchase, the director now directly owns 3,665 shares of the company’s stock, valued at $432,433.35. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

Sun Communities Stock Down 1.0%

Shares of NYSE SUI opened at $125.55 on Thursday. The stock has a market capitalization of $16.02 billion, a P/E ratio of 67.50 and a beta of 0.86. The company has a 50-day moving average price of $122.88 and a 200-day moving average price of $125.43. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. The firm 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%. The business’s revenue was up .2% on a year-over-year basis. During the same period last year, the company earned $1.19 earnings per share. On average, equities research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $1.04 per share. This is a boost 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 3.31%. The ex-dividend date of this dividend is Monday, June 30th. Sun Communities’s dividend payout ratio (DPR) is currently 670.97%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SUI. Norges Bank bought a new position in shares of Sun Communities during the fourth quarter valued at about $888,783,000. Dodge & Cox lifted its position in shares of Sun Communities by 42.1% during the first quarter. Dodge & Cox now owns 13,647,820 shares of the real estate investment trust’s stock valued at $1,755,656,000 after purchasing an additional 4,041,802 shares in the last quarter. Cohen & Steers Inc. lifted its position in shares of Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares in the last quarter. FMR LLC lifted its position in shares of Sun Communities by 51.3% during the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock valued at $973,660,000 after purchasing an additional 2,684,214 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Sun Communities by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock valued at $682,429,000 after purchasing an additional 911,857 shares in the last quarter. 99.59% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group started coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They set a “buy” rating and a $150.00 target price for the company. Robert W. Baird reduced their price target on shares of Sun Communities from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Royal Bank of Canada reduced their price target on shares of Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. Truist Financial set a $137.00 price target on shares of Sun Communities and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Finally, 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 for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Sun Communities has a consensus 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.