Sun Communities, Inc. (NYSE:SUI) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in Sun Communities, Inc. (NYSE:SUI) by 18.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,544 shares of the real estate investment trust’s stock after acquiring an additional 996 shares during the period. Fifth Third Bancorp’s holdings in Sun Communities were worth $805,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC grew its position in shares of Sun Communities by 20.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,559 shares of the real estate investment trust’s stock valued at $192,000 after purchasing an additional 267 shares during the last quarter. Cetera Trust Company N.A lifted its stake in Sun Communities by 6.0% in the 4th quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock valued at $229,000 after buying an additional 105 shares in the last quarter. Aurora Investment Managers LLC. grew its holdings in Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock valued at $3,380,000 after buying an additional 2,435 shares during the last quarter. HB Wealth Management LLC increased its position in Sun Communities by 4.2% during the fourth quarter. HB Wealth Management LLC now owns 5,183 shares of the real estate investment trust’s stock worth $637,000 after buying an additional 207 shares in the last quarter. Finally, Arkadios Wealth Advisors raised its holdings in shares of Sun Communities by 13.1% in the fourth quarter. Arkadios Wealth Advisors now owns 5,847 shares of the real estate investment trust’s stock worth $719,000 after acquiring an additional 678 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Evercore ISI lifted their price target on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Truist Financial raised shares of Sun Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Royal Bank of Canada lowered their target price on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Finally, BMO Capital Markets reduced their price target on 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 analysts have rated the stock with a sell rating, seven 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 an average rating of “Hold” and an average target price of $134.08.

Sun Communities Stock Down 2.0 %

Shares of NYSE:SUI opened at $124.61 on Thursday. The stock has a 50-day simple moving average of $124.64 and a 200-day simple moving average of $129.65. The stock has a market capitalization of $15.87 billion, a P/E ratio of 66.99, a PEG ratio of 0.51 and a beta of 0.89. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last released its quarterly earnings data 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 business had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Sun Communities’s revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.57 EPS. Equities analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.02%. The ex-dividend date was Tuesday, December 31st. Sun Communities’s payout ratio 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.