Sun Communities, Inc. (NYSE:SUI) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC decreased its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 4.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,718 shares of the real estate investment trust’s stock after selling 296 shares during the quarter. MetLife Investment Management LLC’s holdings in Sun Communities were worth $773,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Assetmark Inc. boosted its holdings in shares of Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 190 shares during the period. Brooklyn Investment Group bought a new stake in Sun Communities in the 3rd quarter valued at about $41,000. Quest Partners LLC boosted its stake in Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares during the period. 1620 Investment Advisors Inc. bought a new position in Sun Communities in the 2nd quarter worth about $62,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 236 shares during the period. Institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Down 1.3 %

NYSE SUI opened at $124.69 on Friday. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a market capitalization of $15.88 billion, a P/E ratio of 67.04, a PEG ratio of 0.53 and a beta of 0.88. The company’s 50 day simple moving average is $129.80 and its 200 day simple moving average is $128.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results 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 company had revenue of $939.90 million during 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%. Sun Communities’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.57 EPS. Equities research analysts expect 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 will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.94 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.02%. Sun Communities’s dividend payout ratio is currently 202.15%.

Analyst Upgrades and Downgrades

SUI has been the subject of a number of recent analyst reports. UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $155.00 to $134.00 in a report on Thursday, November 14th. Truist Financial increased their price target on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Wells Fargo & Company lifted their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Evercore ISI raised their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $139.08.

About Sun Communities

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.