BNP Paribas Financial Markets Acquires 36,828 Shares of Sun Communities, Inc. (NYSE:SUI)

BNP Paribas Financial Markets raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 53.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,103 shares of the real estate investment trust’s stock after purchasing an additional 36,828 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.08% of Sun Communities worth $14,340,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its position in shares of Sun Communities by 6.9% in the third quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust’s stock valued at $10,434,000 after purchasing an additional 5,008 shares during the last quarter. FMR LLC grew its holdings in Sun Communities by 37.6% in the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock valued at $707,329,000 after buying an additional 1,430,630 shares in the last quarter. KBC Group NV increased its position in Sun Communities by 303.3% during the 3rd quarter. KBC Group NV now owns 109,939 shares of the real estate investment trust’s stock worth $14,858,000 after buying an additional 82,682 shares during the period. Manning & Napier Advisors LLC bought a new position in Sun Communities during the 2nd quarter worth $13,164,000. Finally, AMG National Trust Bank acquired a new stake in shares of Sun Communities during the third quarter worth $1,690,000. 99.59% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on SUI shares. Truist Financial raised their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Royal Bank of Canada lowered their target price on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Baird R W cut Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Evercore ISI raised their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company upped their target price on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $139.08.

Sun Communities Trading Down 1.7 %

Shares of Sun Communities stock opened at $126.33 on Monday. The firm’s 50 day moving average is $130.92 and its 200 day moving average is $127.93. The firm has a market capitalization of $16.09 billion, a PE ratio of 67.92, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. 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 posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. During the same period in the previous year, the firm posted $2.57 EPS. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. Equities research analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date was Monday, September 30th. Sun Communities’s payout ratio is 202.15%.

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.