Sun Communities, Inc. (NYSE:SUI) Shares Bought by Park Avenue Securities LLC

Park Avenue Securities LLC raised its position in Sun Communities, Inc. (NYSE:SUI) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,811 shares of the real estate investment trust’s stock after purchasing an additional 203 shares during the quarter. Park Avenue Securities LLC’s holdings in Sun Communities were worth $592,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. raised its holdings in 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 buying an additional 5,008 shares during the period. FMR LLC increased its position in shares of Sun Communities by 37.6% in the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after acquiring an additional 1,430,630 shares in the last quarter. KBC Group NV increased its position in shares of Sun Communities by 303.3% in the third quarter. KBC Group NV now owns 109,939 shares of the real estate investment trust’s stock worth $14,858,000 after acquiring an additional 82,682 shares in the last quarter. AMG National Trust Bank purchased a new position in shares of Sun Communities in the 3rd quarter valued at $1,690,000. Finally, Swedbank AB lifted its holdings in shares of Sun Communities by 52.8% during the 3rd quarter. Swedbank AB now owns 162,368 shares of the real estate investment trust’s stock valued at $21,944,000 after acquiring an additional 56,132 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SUI shares. Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. Robert W. Baird downgraded Sun Communities from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Wells Fargo & Company decreased their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Truist Financial upgraded shares of Sun Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Finally, BMO Capital Markets decreased their price objective 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. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $135.69.

Sun Communities Price Performance

NYSE:SUI opened at $125.13 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The company has a 50-day moving average of $124.44 and a 200-day moving average of $129.39. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83. The company has a market capitalization of $15.94 billion, a price-to-earnings ratio of 67.27, a PEG ratio of 0.51 and a beta of 0.89.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS 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 business had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. During the same quarter in the prior year, the business earned $2.57 EPS. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, equities research analysts anticipate that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

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.