Franklin Resources Inc. Has $1.01 Million Stock Position in Sun Communities, Inc. (NYSE:SUI)

Franklin Resources Inc. cut its position in Sun Communities, Inc. (NYSE:SUI) by 11.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,763 shares of the real estate investment trust’s stock after selling 989 shares during the quarter. Franklin Resources Inc.’s holdings in Sun Communities were worth $1,011,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. grew its stake in Sun Communities by 2,111.1% in 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 during the period. Brooklyn Investment Group bought a new position in shares of Sun Communities in the 3rd quarter worth $41,000. Quest Partners LLC grew its position 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 valued at $46,000 after purchasing an additional 381 shares during the period. Point72 Hong Kong Ltd acquired a new position in Sun Communities during the third quarter worth $60,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 236 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SUI shares. BMO Capital Markets decreased their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. 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 research note on Monday, October 21st. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and cut their target price for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. Wells Fargo & Company lowered their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Finally, Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Thursday, October 17th. They set a “buy” rating and a $160.00 price objective on the stock. Two 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $137.08.

Sun Communities Trading Down 0.9 %

NYSE:SUI opened at $123.66 on Friday. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month 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. The firm’s 50 day moving average is $127.23 and its 200 day moving average is $128.65. The stock has a market capitalization of $15.75 billion, a PE ratio of 66.48, a price-to-earnings-growth ratio of 0.51 and a beta of 0.88.

Sun Communities (NYSE:SUI) last issued its 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 during the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.57 earnings per share. Sell-side analysts expect that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.94 dividend. 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 payout ratio is 202.15%.

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.