MML Investors Services LLC Trims Position in Sun Communities, Inc. (NYSE:SUI)

MML Investors Services LLC trimmed its stake in Sun Communities, Inc. (NYSE:SUI) by 8.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,609 shares of the real estate investment trust’s stock after selling 332 shares during the period. MML Investors Services LLC’s holdings in Sun Communities were worth $488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in SUI. Assetmark Inc. boosted its holdings 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 valued at $27,000 after purchasing an additional 190 shares during the period. Brooklyn Investment Group bought a new stake in Sun Communities during the 3rd quarter valued at $41,000. Quest Partners LLC raised its position 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 in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Sun Communities in the 3rd quarter worth $60,000. Finally, Farther Finance Advisors LLC grew its position in shares of 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 worth $68,000 after buying an additional 236 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Up 3.2 %

SUI stock opened at $123.68 on Monday. The stock has a market capitalization of $15.76 billion, a PE ratio of 66.49, a price-to-earnings-growth ratio of 0.51 and a beta of 0.88. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a 50 day moving average of $128.25 and a 200 day moving average of $128.43.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the previous year, the firm posted $2.57 earnings per share. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Sell-side analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Tuesday, December 31st. Sun Communities’s dividend payout ratio is presently 202.15%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SUI shares. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. BMO Capital Markets lowered their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company dropped their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $137.08.

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.