Townsquare Capital LLC Purchases Shares of 1,864 Sun Communities, Inc. (NYSE:SUI)

Townsquare Capital LLC purchased a new stake in Sun Communities, Inc. (NYSE:SUI) during the third quarter, according to its most recent filing with the SEC. The fund purchased 1,864 shares of the real estate investment trust’s stock, valued at approximately $252,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. increased its holdings in Sun Communities by 6.9% in the 3rd quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust’s stock valued at $10,434,000 after acquiring an additional 5,008 shares during the last quarter. FMR LLC increased its holdings in shares of 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 worth $707,329,000 after buying an additional 1,430,630 shares during the last quarter. KBC Group NV increased its holdings in shares of Sun Communities by 303.3% in 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 last quarter. AMG National Trust Bank bought a new stake in shares of Sun Communities in the 3rd quarter worth about $1,690,000. Finally, SG Americas Securities LLC increased its holdings in shares of Sun Communities by 130.5% in the 2nd quarter. SG Americas Securities LLC now owns 47,428 shares of the real estate investment trust’s stock worth $5,707,000 after buying an additional 26,852 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Price Performance

Sun Communities stock opened at $124.69 on Friday. The stock has a market cap of $15.88 billion, a price-to-earnings ratio of 67.04, a price-to-earnings-growth ratio of 0.53 and a beta of 0.88. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The firm has a 50-day moving average of $129.80 and a two-hundred day moving average of $128.00.

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

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.02%. Sun Communities’s payout ratio is presently 202.15%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SUI shares. BMO Capital Markets reduced their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Truist Financial boosted their target price on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Wells Fargo & Company boosted their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. Finally, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $139.08.

Sun Communities 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.