Landscape Capital Management L.L.C. Invests $208,000 in Sun Communities, Inc. (NYSE:SUI)

Posted by Defense World Staff on Aug 21st, 2023

Landscape Capital Management L.L.C. purchased a new stake in shares of Sun Communities, Inc. (NYSE:SUI – Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,479 shares of the real estate investment trust’s stock, valued at approximately $208,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Glassman Wealth Services lifted its position in Sun Communities by 114.1% during the 4th quarter. Glassman Wealth Services now owns 182 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 97 shares during the period. Eagle Bay Advisors LLC purchased a new position in shares of Sun Communities during the second quarter valued at approximately $27,000. Johnson Financial Group Inc. boosted its position in shares of Sun Communities by 485.7% in the 4th quarter. Johnson Financial Group Inc. now owns 205 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 170 shares in the last quarter. Spire Wealth Management grew its stake in shares of Sun Communities by 62.1% in the 4th quarter. Spire Wealth Management now owns 235 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 90 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Sun Communities in the 1st quarter worth approximately $39,000. 96.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SUI. StockNews.com started coverage on shares of Sun Communities in a research report on Thursday. They set a “sell” rating on the stock. Barclays dropped their price objective on Sun Communities from $168.00 to $158.00 in a research report on Thursday, July 6th. Royal Bank of Canada lowered their target price on shares of Sun Communities from $158.00 to $153.00 in a research note on Tuesday, May 30th. Truist Financial lowered their price objective on shares of Sun Communities from $157.00 to $148.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Robert W. Baird increased their price target on Sun Communities from $160.00 to $168.00 in a report on Thursday, May 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $154.88.

Read Our Latest Stock Analysis on Sun Communities

Sun Communities Stock Performance

NYSE:SUI opened at $120.96 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a 50-day simple moving average of $131.05 and a two-hundred day simple moving average of $136.61. The firm has a market capitalization of $15.05 billion, a PE ratio of 65.74, a P/E/G ratio of 3.37 and a beta of 0.71. Sun Communities, Inc. has a 52-week low of $117.63 and a 52-week high of $169.56.

Sun Communities (NYSE:SUI – Get Free Report) last released its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($1.23). Sun Communities had a return on equity of 2.80% and a net margin of 7.27%. The firm had revenue of $863.50 million during the quarter, compared to analysts’ expectations of $834.99 million. During the same period in the prior year, the company posted $2.02 earnings per share. The company’s revenue was up 6.0% compared to the same quarter last year. Analysts forecast that Sun Communities, Inc. will post 7.16 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 3.08%. The ex-dividend date is Thursday, September 28th. Sun Communities’s dividend payout ratio is currently 202.17%.

Insiders Place Their Bets

In other Sun Communities news, CEO Baxter Underwood acquired 400 shares of the stock in a transaction dated Thursday, May 25th. The shares were acquired at an average cost of $126.18 per share, for a total transaction of $50,472.00. Following the completion of the transaction, the chief executive officer now directly owns 73,083 shares of the company’s stock, valued at $9,221,612.94. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.06% of the stock is currently owned by company insiders.

Sun Communities Profile

(Free Report)

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 March 31, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 179,700 developed sites and approximately 47,990 wet slips and dry storage spaces in the U.S., the UK and Canada.