Bessemer Group Inc. Grows Stock Position in Sun Communities, Inc. (NYSE:SUI)

Bessemer Group Inc. lifted its stake in Sun Communities, Inc. (NYSE:SUI) by 11.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,153 shares of the real estate investment trust’s stock after purchasing an additional 120 shares during the period. Bessemer Group Inc.’s holdings in Sun Communities were worth $149,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SUI. Opal Wealth Advisors LLC purchased a new position in Sun Communities in the first quarter valued at $29,000. Aster Capital Management DIFC Ltd boosted its holdings in Sun Communities by 263.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 232 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Sun Communities by 45.1% in the fourth 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 during the period. Parallel Advisors LLC boosted its holdings in Sun Communities by 66.4% in the first quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 190 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Sun Communities by 510.4% in the first quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust’s stock valued at $75,000 after purchasing an additional 490 shares during the period. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Sun Communities

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

Sun Communities Price Performance

Shares of SUI opened at $129.26 on Friday. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The stock’s 50 day moving average is $124.76 and its two-hundred day moving average is $125.55. The firm has a market capitalization of $16.50 billion, a PE ratio of 208.48, a P/E/G ratio of 8.75 and a beta of 0.86. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 1.01.

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

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a dividend of $1.04 per share. This is a positive change from Sun Communities’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, June 30th. This represents a $4.16 annualized dividend and a dividend yield of 3.22%. Sun Communities’s payout ratio is 670.97%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target on the stock. JMP Securities restated a “market outperform” rating and issued a $140.00 price target on shares of Sun Communities in a research note on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft set a $135.00 price target on Sun Communities and gave the company a “hold” rating in a research note on Wednesday, June 25th. Wall Street Zen cut Sun Communities from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. Finally, Royal Bank Of Canada cut their price target on Sun Communities from $154.00 to $147.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $138.08.

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 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.