Vontobel Holding Ltd. Grows Position in Sun Communities, Inc. (NYSE:SUI)

Posted by Defense World Staff on Oct 15th, 2023

Vontobel Holding Ltd. increased its holdings in Sun Communities, Inc. (NYSE:SUI – Free Report) by 8.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,056 shares of the real estate investment trust’s stock after acquiring an additional 245 shares during the quarter. Vontobel Holding Ltd.’s holdings in Sun Communities were worth $399,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cetera Investment Advisers lifted its stake in Sun Communities by 1.9% in the first quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock worth $605,000 after acquiring an additional 64 shares during the period. Vestcor Inc raised its holdings in Sun Communities by 2.3% in the fourth quarter. Vestcor Inc now owns 2,926 shares of the real estate investment trust’s stock worth $418,000 after purchasing an additional 65 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in Sun Communities by 0.3% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 26,611 shares of the real estate investment trust’s stock worth $3,749,000 after purchasing an additional 77 shares in the last quarter. Fifth Third Bancorp raised its holdings in Sun Communities by 2.5% in the first quarter. Fifth Third Bancorp now owns 3,756 shares of the real estate investment trust’s stock worth $529,000 after purchasing an additional 92 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in Sun Communities by 20.7% in the first quarter. National Bank of Canada FI now owns 549 shares of the real estate investment trust’s stock worth $77,000 after purchasing an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 94.79% of the company’s stock.

Sun Communities Stock Down 0.7 %

SUI stock opened at $104.85 on Friday. Sun Communities, Inc. has a twelve month low of $104.01 and a twelve month high of $163.83. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.94. The stock has a market cap of $13.05 billion, a P/E ratio of 56.98, a PEG ratio of 3.67 and a beta of 0.71. The business’s 50-day moving average price is $120.75 and its 200-day moving average price is $129.31.

Sun Communities (NYSE:SUI – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($1.23). Sun Communities had a net margin of 7.27% and a return on equity of 2.80%. The company had revenue of $863.50 million for the quarter, compared to analysts’ expectations of $834.99 million. During the same period in the previous year, the firm earned $2.02 earnings per share. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities research analysts forecast that Sun Communities, Inc. will post 7.09 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Thursday, September 28th. This represents a $3.72 dividend on an annualized basis and a yield of 3.55%. Sun Communities’s dividend payout ratio is presently 202.17%.

Insider Buying and Selling

In other Sun Communities news, EVP Marc Farrugia sold 4,962 shares of Sun Communities stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $123.90, for a total value of $614,791.80. Following the sale, the executive vice president now owns 5,093 shares of the company’s stock, valued at approximately $631,022.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Sun Communities news, EVP Marc Farrugia sold 4,962 shares of Sun Communities stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $123.90, for a total value of $614,791.80. Following the sale, the executive vice president now owns 5,093 shares of the company’s stock, valued at approximately $631,022.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Baxter Underwood acquired 400 shares of Sun Communities stock in a transaction on Tuesday, August 22nd. The stock was purchased at an average cost of $119.93 per share, for a total transaction of $47,972.00. Following the purchase, the chief executive officer now owns 73,633 shares in the company, valued at $8,830,805.69. The disclosure for this purchase can be found here. 2.06% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SUI has been the subject of several analyst reports. Barclays reduced their price target on Sun Communities from $158.00 to $157.00 and set an “overweight” rating for the company in a report on Tuesday, September 19th. StockNews.com initiated coverage on Sun Communities in a report on Thursday, October 5th. They set a “sell” rating for the company. JMP Securities reduced their price target on Sun Communities from $160.00 to $150.00 and set an “outperform” rating for the company in a report on Tuesday, August 15th. Truist Financial reduced their price objective on Sun Communities from $157.00 to $148.00 and set a “buy” rating for the company in a report on Thursday, August 17th. Finally, Compass Point started coverage on Sun Communities in a report on Tuesday, October 10th. They issued a “neutral” rating and a $125.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $146.36.

Get Our Latest Analysis on SUI

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 June 30, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 180,060 developed sites and approximately 48,180 wet slips and dry storage spaces in the U.S., the UK and Canada.