GSA Capital Partners LLP Reduces Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

GSA Capital Partners LLP reduced its position in Sun Communities, Inc. (NYSE:SUI) by 59.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,050 shares of the real estate investment trust’s stock after selling 2,957 shares during the quarter. GSA Capital Partners LLP’s holdings in Sun Communities were worth $277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Assetmark Inc. increased its stake in shares of Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Quest Partners LLC grew its stake in Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Sun Communities during the 2nd quarter valued at $62,000. Farther Finance Advisors LLC raised its holdings in Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after acquiring an additional 236 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 436 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SUI. Wells Fargo & Company increased their price objective on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Royal Bank of Canada cut their price target on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Finally, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Sun Communities currently has an average rating of “Hold” and an average price target of $139.08.

Sun Communities Price Performance

SUI opened at $127.46 on Friday. The stock has a market capitalization of $16.24 billion, a P/E ratio of 68.53, a PEG ratio of 0.54 and a beta of 0.91. 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 stock has a 50-day moving average price of $132.51 and a 200-day moving average price of $127.49.

Sun Communities (NYSE:SUI) last issued 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). The business had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.57 earnings per share. Equities analysts predict that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is presently 202.15%.

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.