Victory Capital Management Inc. Buys 5,008 Shares of Sun Communities, Inc. (NYSE:SUI)

Victory Capital Management Inc. raised its stake in Sun Communities, Inc. (NYSE:SUI) by 6.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,203 shares of the real estate investment trust’s stock after acquiring an additional 5,008 shares during the quarter. Victory Capital Management Inc. owned about 0.06% of Sun Communities worth $10,434,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of SUI. Bristlecone Advisors LLC increased its holdings in shares of Sun Communities by 2.4% in the second quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock valued at $440,000 after purchasing an additional 85 shares in the last quarter. Toronto Dominion Bank boosted its position in Sun Communities by 0.8% in the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock valued at $1,434,000 after buying an additional 98 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Sun Communities by 15.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock valued at $92,000 after buying an additional 102 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in shares of Sun Communities by 1.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock worth $846,000 after acquiring an additional 115 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Sun Communities by 2.8% during the second quarter. Fifth Third Bancorp now owns 5,179 shares of the real estate investment trust’s stock worth $623,000 after acquiring an additional 142 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on SUI shares. Truist Financial lifted their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price target for the company. Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Wells Fargo & Company raised their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Finally, Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $139.08.

Sun Communities Stock Performance

SUI stock opened at $126.23 on Thursday. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.08 billion, a PE ratio of 68.07, a P/E/G ratio of 0.53 and a beta of 0.91. The business’s 50-day moving average price is $133.55 and its two-hundred day moving average price is $127.33.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same period in the prior year, the business earned $2.57 EPS. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, research analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.98%. The ex-dividend date was Monday, September 30th. Sun Communities’s dividend payout ratio is 202.15%.

Sun Communities 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 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.