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

Bayesian Capital Management LP acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the first quarter, Holdings Channel.com reports. The firm acquired 17,271 shares of the real estate investment trust’s stock, valued at approximately $2,221,000.

A number of other large investors also recently added to or reduced their stakes in SUI. Farmers & Merchants Investments Inc. purchased a new stake in shares of Sun Communities during the first quarter worth $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Sun Communities in the fourth quarter valued at about $32,000. CKW Financial Group purchased a new position in Sun Communities during the first quarter worth about $38,000. Quest Partners LLC purchased a new position in Sun Communities during the fourth quarter worth about $51,000. Finally, GAMMA Investing LLC purchased a new position in Sun Communities during the fourth quarter worth about $80,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Up 0.3 %

Shares of SUI traded up $0.32 during trading on Tuesday, reaching $125.93. The company’s stock had a trading volume of 208,317 shares, compared to its average volume of 739,708. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 1.08. The company has a market cap of $15.69 billion, a price-to-earnings ratio of 109.23, a P/E/G ratio of 0.92 and a beta of 0.89. Sun Communities, Inc. has a twelve month low of $102.74 and a twelve month high of $137.45. The company has a fifty day moving average of $119.57 and a two-hundred day moving average of $123.45.

Sun Communities Dividend Announcement

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

Wall Street Analysts Forecast Growth

SUI has been the topic of several research reports. JMP Securities reissued a “market outperform” rating and set a $150.00 price target on shares of Sun Communities in a research report on Thursday, May 2nd. Royal Bank of Canada lowered their target price on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Evercore ISI lowered their price objective on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $134.40.

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.