Bank of New York Mellon Corp Grows Stake in Sun Communities, Inc. (NYSE:SUI)

Bank of New York Mellon Corp lifted its stake in Sun Communities, Inc. (NYSE:SUI) by 12.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 552,888 shares of the real estate investment trust’s stock after purchasing an additional 60,589 shares during the quarter. Bank of New York Mellon Corp owned 0.43% of Sun Communities worth $67,989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. FMR LLC increased its stake in Sun Communities by 37.6% during 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 purchasing an additional 1,430,630 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Sun Communities by 1,061.4% during the third 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 acquiring an additional 1,209,522 shares in the last quarter. Westfield Capital Management Co. LP increased its position in shares of Sun Communities by 58.8% during the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock valued at $129,728,000 after acquiring an additional 355,427 shares in the last quarter. Adelante Capital Management LLC raised its holdings in Sun Communities by 168.7% in the 3rd quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust’s stock worth $75,566,000 after acquiring an additional 351,017 shares during the last quarter. Finally, abrdn plc lifted its position in Sun Communities by 343.5% in the 4th quarter. abrdn plc now owns 277,988 shares of the real estate investment trust’s stock valued at $34,098,000 after acquiring an additional 215,314 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of NYSE SUI opened at $136.44 on Tuesday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The firm has a market capitalization of $17.38 billion, a price-to-earnings ratio of 73.35 and a beta of 0.90. The firm has a 50 day moving average of $126.07 and a 200 day moving average of $129.64.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. On average, research analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on SUI shares. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Baird R W lowered shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, UBS Group downgraded shares of Sun Communities from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $134.55.

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.