JPMorgan Chase & Co. Sells 635,513 Shares of Sun Communities, Inc. (NYSE:SUI)

JPMorgan Chase & Co. cut its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 39.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 990,076 shares of the real estate investment trust’s stock after selling 635,513 shares during the quarter. JPMorgan Chase & Co.’s holdings in Sun Communities were worth $133,809,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SUI. FMR LLC increased 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 during the period. Massachusetts Financial Services Co. MA increased its stake in Sun Communities by 3.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock valued at $354,986,000 after acquiring an additional 111,569 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Sun Communities by 24.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after purchasing an additional 424,842 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Sun Communities by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock worth $214,752,000 after purchasing an additional 10,592 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Sun Communities by 1,061.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock valued at $178,868,000 after purchasing an additional 1,209,522 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Up 0.2 %

Shares of NYSE:SUI opened at $122.97 on Thursday. The business has a fifty day simple moving average of $126.44 and a 200 day simple moving average of $128.79. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The firm has a market cap of $15.67 billion, a P/E ratio of 66.11, a P/E/G ratio of 0.51 and a beta of 0.88. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

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

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Tuesday, December 31st. Sun Communities’s dividend payout ratio is presently 202.15%.

Analysts Set New Price Targets

SUI has been the subject of a number of research analyst reports. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Wells Fargo & Company decreased their price target on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Jefferies Financial Group initiated coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective for the company. Finally, BMO Capital Markets decreased their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target 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.