Sun Communities, Inc. (NYSE:SUI) Shares Sold by Apollon Wealth Management LLC

Apollon Wealth Management LLC trimmed its holdings in Sun Communities, Inc. (NYSE:SUI) by 10.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,500 shares of the real estate investment trust’s stock after selling 184 shares during the period. Apollon Wealth Management LLC’s holdings in Sun Communities were worth $203,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SUI. Los Angeles Capital Management LLC raised its holdings in shares of Sun Communities by 173.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 150,174 shares of the real estate investment trust’s stock worth $20,296,000 after purchasing an additional 95,303 shares during the period. Assetmark Inc. raised its holdings in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares during the period. Harvest Portfolios Group Inc. raised its holdings in shares of Sun Communities by 16.5% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 32,806 shares of the real estate investment trust’s stock worth $4,434,000 after purchasing an additional 4,639 shares during the period. Global Wealth Management Investment Advisory Inc. raised its holdings in shares of Sun Communities by 12.3% in the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 4,189 shares of the real estate investment trust’s stock worth $566,000 after purchasing an additional 458 shares during the period. Finally, Van ECK Associates Corp raised its holdings in shares of Sun Communities by 10.8% in the 3rd quarter. Van ECK Associates Corp now owns 56,904 shares of the real estate investment trust’s stock worth $7,913,000 after purchasing an additional 5,547 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Stock Performance

Shares of SUI opened at $125.27 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $15.96 billion, a price-to-earnings ratio of 66.88, a PEG ratio of 0.53 and a beta of 0.91. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83. The business’s 50 day moving average is $134.14 and its two-hundred day moving average is $127.21.

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

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors 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 3.00%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is currently 202.15%.

Analysts Set New Price Targets

SUI has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective on the stock. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Royal Bank of Canada cut their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets reduced their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Finally, Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $139.08.

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.