Bayesian Capital Management LP Buys New Shares in Sun Communities, Inc. (NYSE:SUI)

Bayesian Capital Management LP bought a new stake in Sun Communities, Inc. (NYSE:SUI) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 17,271 shares of the real estate investment trust’s stock, valued at approximately $2,221,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Farmers & Merchants Investments Inc. bought a new position in Sun Communities during the first quarter worth about $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $32,000. CKW Financial Group acquired a new stake in shares of Sun Communities in the first quarter valued at approximately $38,000. Quest Partners LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $51,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $80,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of NYSE:SUI traded up $0.32 during trading on Tuesday, hitting $125.93. 208,317 shares of the company were exchanged, compared to its average volume of 739,708. The business’s 50 day moving average is $119.57 and its 200-day moving average is $123.45. The company has a market capitalization of $15.69 billion, a P/E ratio of 109.23, a price-to-earnings-growth ratio of 0.92 and a beta of 0.89. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 1.08. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $137.45.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.94 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $3.76 annualized dividend and a dividend yield of 2.99%. Sun Communities’s dividend payout ratio is 324.14%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SUI. Evercore ISI lowered their price objective on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. JMP Securities restated a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada lowered their price objective on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Sun Communities currently has a consensus rating of “Hold” and an average price target of $134.40.

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.