Sun Communities, Inc. (NYSE:SUI) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC increased its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 23.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,047 shares of the real estate investment trust’s stock after acquiring an additional 201 shares during the period. GAMMA Investing LLC’s holdings in Sun Communities were worth $135,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SUI. Smartleaf Asset Management LLC raised its position in shares of Sun Communities by 45.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 124 shares in the last quarter. Mutual of America Capital Management LLC raised its position in shares of Sun Communities by 4.4% in the 4th quarter. Mutual of America Capital Management LLC now owns 18,451 shares of the real estate investment trust’s stock valued at $2,269,000 after purchasing an additional 772 shares in the last quarter. LPL Financial LLC raised its position in shares of Sun Communities by 22.3% in the 4th quarter. LPL Financial LLC now owns 25,560 shares of the real estate investment trust’s stock valued at $3,143,000 after purchasing an additional 4,665 shares in the last quarter. Freestone Grove Partners LP acquired a new position in shares of Sun Communities in the 4th quarter valued at approximately $716,000. Finally, Yousif Capital Management LLC raised its position in shares of Sun Communities by 4.2% in the 1st quarter. Yousif Capital Management LLC now owns 6,575 shares of the real estate investment trust’s stock valued at $846,000 after purchasing an additional 263 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SUI shares. Bank of America upped their target price on Sun Communities from $124.00 to $132.00 and gave the company an “underperform” rating in a research report on Monday, May 12th. Barclays started coverage on Sun Communities in a research report on Thursday, May 29th. They issued an “overweight” rating and a $141.00 target price on the stock. Jefferies Financial Group started coverage on Sun Communities in a research report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 target price on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $140.00 target price on shares of Sun Communities in a research report on Tuesday, May 20th. Finally, Wall Street Zen lowered Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, June 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $138.08.

Sun Communities Price Performance

Shares of SUI opened at $129.26 on Friday. The company has a market cap of $16.50 billion, a P/E ratio of 208.48, a PEG ratio of 8.81 and a beta of 0.86. The stock has a fifty day moving average price of $124.90 and a 200 day moving average price of $125.63. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.08. The firm had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The firm’s revenue was up .2% on a year-over-year basis. During the same period in the prior year, the business earned $1.19 EPS. On average, research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a dividend of $1.04 per share. This is an increase from Sun Communities’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Monday, June 30th. Sun Communities’s dividend payout ratio is presently 670.97%.

Insider Buying and Selling

In related news, Director Jeff Blau acquired 3,665 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the purchase, the director directly owned 3,665 shares in the company, valued at $432,433.35. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 1.77% of the stock is currently owned by insiders.

About Sun Communities

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.