Stifel Financial Corp Trims Holdings in Sun Communities, Inc. (NYSE:SUI)

Stifel Financial Corp decreased its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 2.8% in the third quarter, HoldingsChannel reports. The firm owned 13,206 shares of the real estate investment trust’s stock after selling 387 shares during the quarter. Stifel Financial Corp’s holdings in Sun Communities were worth $1,785,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Assetmark Inc. raised its holdings in shares of Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 190 shares in the last quarter. Brooklyn Investment Group purchased a new position in Sun Communities during the 3rd quarter valued at $41,000. Quest Partners LLC raised its holdings in Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Sun Communities in the 3rd quarter worth about $60,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 236 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Up 3.2 %

Shares of NYSE:SUI opened at $123.68 on Friday. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. 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’s 50-day simple moving average is $128.25 and its 200-day simple moving average is $128.29. The company has a market cap of $15.76 billion, a price-to-earnings ratio of 66.49, a PEG ratio of 0.51 and a beta of 0.88.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data 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 net margin of 7.46% and a return on equity of 3.21%. 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 prior year, the firm posted $2.57 EPS. Sun Communities’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, equities research analysts predict that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.04%. Sun Communities’s dividend payout ratio is presently 202.15%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SUI shares. Evercore ISI increased their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. BMO Capital Markets decreased their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Royal Bank of Canada dropped their target price on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Truist Financial cut their target price on Sun Communities from $138.00 to $131.00 and set a “hold” rating for the company in a research report on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $137.08.

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.