Thrivent Financial for Lutherans Decreases Position in Sun Communities, Inc. (NYSE:SUI)

Thrivent Financial for Lutherans trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 64.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,581 shares of the real estate investment trust’s stock after selling 53,105 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Sun Communities were worth $3,638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in SUI. FMR LLC grew its stake in shares of Sun Communities by 37.6% during 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 during the last quarter. Daiwa Securities Group Inc. grew its position in Sun Communities by 23.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock worth $288,244,000 after purchasing an additional 442,557 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Sun Communities by 1,061.4% during 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. Charles Schwab Investment Management Inc. raised its holdings in shares of Sun Communities by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock worth $138,149,000 after buying an additional 47,899 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Sun Communities by 16.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after buying an additional 108,054 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Truist Financial raised their price objective on Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Jefferies Financial Group dropped their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Finally, Wells Fargo & Company reduced their price target on shares of 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $136.60.

Sun Communities Price Performance

NYSE:SUI opened at $128.18 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The company has a 50 day moving average price of $128.53 and a 200-day moving average price of $129.27. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The firm has a market cap of $16.35 billion, a price-to-earnings ratio of 68.91 and a beta of 0.90.

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 for the quarter, topping 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 business had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Equities research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

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.