Opal Wealth Advisors LLC Takes Position in Sun Communities, Inc. (NYSE:SUI)

Opal Wealth Advisors LLC bought a new stake in Sun Communities, Inc. (NYSE:SUI) during the first quarter, Holdings Channel reports. The institutional investor bought 227 shares of the real estate investment trust’s stock, valued at approximately $29,000.

A number of other institutional investors have also modified their holdings of the business. Utah Retirement Systems increased its holdings in shares of Sun Communities by 0.5% in the 4th quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust’s stock valued at $2,521,000 after acquiring an additional 100 shares during the period. Cascade Investment Advisors Inc. raised its position in Sun Communities by 1.0% during the 1st quarter. Cascade Investment Advisors Inc. now owns 10,473 shares of the real estate investment trust’s stock worth $1,347,000 after buying an additional 100 shares during the last quarter. Quadrant Capital Group LLC raised its position in Sun Communities by 17.2% during the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock worth $103,000 after buying an additional 123 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 124 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. raised its position in Sun Communities by 4.5% during the 4th quarter. Argonautica Private Wealth Management Inc. now owns 2,901 shares of the real estate investment trust’s stock worth $357,000 after buying an additional 126 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Royal Bank of Canada cut their price objective on shares of Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. JMP Securities restated a “market outperform” rating and set a $140.00 price objective on shares of Sun Communities in a research report on Tuesday, May 20th. Barclays began coverage on shares of Sun Communities in a research note on Thursday, May 29th. They set an “overweight” rating and a $141.00 price target on the stock. Robert W. Baird lowered their price target on shares of Sun Communities from $128.00 to $126.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They set a “buy” rating and a $150.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $138.33.

Sun Communities Price Performance

Shares of NYSE SUI opened at $123.29 on Tuesday. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 66.28 and a beta of 0.86. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The company’s 50-day moving average price is $123.36 and its 200 day moving average price is $125.32. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

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, beating analysts’ consensus estimates of $1.18 by $0.08. The firm had revenue of $470.20 million for the quarter, compared to analysts’ expectations of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm’s revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company earned $1.19 EPS. As a group, research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 3.37%. This is a positive change from Sun Communities’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, June 30th. Sun Communities’s dividend payout ratio is 670.97%.

Insider Buying and Selling at Sun Communities

In other news, Director Jeff Blau bought 3,665 shares of Sun Communities stock in a transaction on Friday, May 23rd. The shares were bought at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the acquisition, the director now owns 3,665 shares in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.77% of the stock is owned by insiders.

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.