Sumitomo Mitsui DS Asset Management Company Ltd Acquires 3,161 Shares of Sun Communities, Inc. (NYSE:SUI)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Sun Communities, Inc. (NYSE:SUIGet Rating) by 15.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,052 shares of the real estate investment trust’s stock after buying an additional 3,161 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Sun Communities were worth $3,674,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Riverview Trust Co bought a new position in shares of Sun Communities in the first quarter valued at about $28,000. Meeder Asset Management Inc. bought a new position in shares of Sun Communities in the first quarter valued at about $41,000. Sugarloaf Wealth Management LLC bought a new position in shares of Sun Communities in the second quarter valued at about $40,000. Prospera Financial Services Inc bought a new position in shares of Sun Communities in the first quarter valued at about $58,000. Finally, CWM LLC raised its holdings in shares of Sun Communities by 44.5% in the first quarter. CWM LLC now owns 458 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 141 shares during the last quarter. 94.26% of the stock is owned by institutional investors.

Sun Communities Price Performance

Sun Communities stock opened at $145.39 on Thursday. The firm has a market capitalization of $17.93 billion, a P/E ratio of 53.26, a PEG ratio of 2.41 and a beta of 0.62. Sun Communities, Inc. has a 1 year low of $145.39 and a 1 year high of $211.79. The business has a 50-day moving average of $160.46 and a 200-day moving average of $166.10. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.89.

Sun Communities (NYSE:SUIGet Rating) last posted its earnings results on Monday, July 25th. The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.19). Sun Communities had a return on equity of 4.42% and a net margin of 12.33%. During the same period last year, the business earned $1.80 EPS. On average, equities analysts anticipate that Sun Communities, Inc. will post 7.22 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.88 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $3.52 annualized dividend and a dividend yield of 2.42%. Sun Communities’s dividend payout ratio is presently 128.94%.

Insider Activity at Sun Communities

In related news, EVP Bruce Thelen sold 6,892 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $165.40, for a total value of $1,139,936.80. Following the completion of the transaction, the executive vice president now directly owns 25,120 shares in the company, valued at approximately $4,154,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SUI has been the subject of several recent research reports. BMO Capital Markets dropped their price objective on Sun Communities from $202.00 to $185.00 and set a “buy” rating for the company in a report on Friday, July 1st. Truist Financial boosted their price objective on Sun Communities from $185.00 to $193.00 in a report on Wednesday, August 17th. Evercore ISI dropped their price objective on Sun Communities from $170.00 to $166.00 and set an “outperform” rating for the company in a report on Monday. Barclays dropped their price objective on Sun Communities from $230.00 to $210.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Finally, JMP Securities dropped their price objective on Sun Communities from $220.00 to $200.00 and set a “market outperform” rating for the company in a report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Sun Communities presently has an average rating of “Moderate Buy” and an average price target of $201.25.

About Sun Communities

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Sun Communities, Inc is a REIT that, as of March 31, 2022, owned, operated, or had an interest in a portfolio of 603 developed MH, RV and marina properties comprising nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces in 39 states, Canada, Puerto Rico and the UK.

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Institutional Ownership by Quarter for Sun Communities (NYSE:SUI)

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