Victory Capital Management Inc. cut its stake in shares of Sun Communities, Inc. (NYSE:SUI – Free Report) by 1.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 91,980 shares of the real estate investment trust’s stock after selling 1,212 shares during the quarter. Victory Capital Management Inc. owned approximately 0.07% of Sun Communities worth $12,000,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cetera Investment Advisers increased its position in shares of Sun Communities by 1.9% during the 1st quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock worth $605,000 after purchasing an additional 64 shares in the last quarter. Vestcor Inc boosted its stake 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 grew its holdings in shares of Sun Communities by 0.3% during 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 during the last quarter. Fifth Third Bancorp increased its stake in shares of 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 valued at $529,000 after buying an additional 92 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in shares of 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 valued at $77,000 after buying an additional 94 shares in the last quarter. 94.79% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the stock. Compass Point started coverage on shares of Sun Communities in a research report on Tuesday, October 10th. They set a “neutral” rating and a $125.00 price target on the stock. JMP Securities decreased their price target on shares of Sun Communities from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 15th. StockNews.com started coverage on shares of Sun Communities in a research report on Thursday, October 5th. They issued a “sell” rating for the company. Barclays decreased their price objective on Sun Communities from $158.00 to $157.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 19th. Finally, BMO Capital Markets dropped their target price on Sun Communities from $148.00 to $143.00 and set an “outperform” rating for the company in a research report on Monday, September 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $146.36.
Sun Communities Price Performance
Shares of SUI opened at $105.70 on Monday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.94. The stock has a market cap of $13.15 billion, a P/E ratio of 57.45, a price-to-earnings-growth ratio of 3.80 and a beta of 0.71. The stock’s 50-day moving average price is $118.61 and its two-hundred day moving average price is $128.06. Sun Communities, Inc. has a 1 year low of $102.75 and a 1 year high of $163.83.
Sun Communities (NYSE:SUI – Get Free Report) last issued its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($1.23). The firm had revenue of $863.50 million for the quarter, compared to analyst estimates of $834.99 million. Sun Communities had a net margin of 7.27% and a return on equity of 2.80%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.02 EPS. On average, equities analysts predict that Sun Communities, Inc. will post 7.09 earnings per share for the current year.
Sun Communities Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were paid a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend was Thursday, September 28th. Sun Communities’s payout ratio is presently 202.17%.
Insiders Place Their Bets
In other news, EVP Marc Farrugia sold 4,962 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $123.90, for a total transaction of $614,791.80. Following the sale, the executive vice president now owns 5,093 shares of the company’s stock, valued at $631,022.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Baxter Underwood purchased 400 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were purchased at an average price of $119.93 per share, with a total value of $47,972.00. Following the completion of the purchase, the chief executive officer now owns 73,633 shares in the company, valued at approximately $8,830,805.69. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Marc Farrugia sold 4,962 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $123.90, for a total transaction of $614,791.80. Following the sale, the executive vice president now directly owns 5,093 shares of the company’s stock, valued at approximately $631,022.70. The disclosure for this sale can be found here. Corporate insiders own 2.06% of the company’s stock.
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 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.
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