Raymond James Financial Inc. Takes $16.05 Million Position in Sun Communities, Inc. (NYSE:SUI)

Raymond James Financial Inc. purchased a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 130,527 shares of the real estate investment trust's stock, valued at approximately $16,051,000. Raymond James Financial Inc. owned approximately 0.10% of Sun Communities as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. FMR LLC increased its stake in shares of Sun Communities by 37.6% in 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 stake in shares of Sun Communities by 1,061.4% in 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. increased its stake in shares of Sun Communities by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust's stock valued at $138,149,000 after purchasing an additional 47,899 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Sun Communities by 58.8% in the 3rd 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 purchasing an additional 355,427 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Sun Communities by 16.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock valued at $95,885,000 after purchasing an additional 108,054 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

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Sun Communities Trading Down 0.5 %

Sun Communities stock traded down $0.60 during mid-day trading on Friday, hitting $131.00. The company's stock had a trading volume of 1,167,216 shares, compared to its average volume of 795,230. The firm has a market capitalization of $16.69 billion, a PE ratio of 70.43 and a beta of 0.90. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock's fifty day moving average is $128.23 and its two-hundred day moving average is $129.50.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million for the quarter, compared to analysts' expectations of $724.68 million. On average, analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities's dividend payout ratio (DPR) is 508.11%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SUI. Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Jefferies Financial Group lowered their price objective on Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, January 2nd. Wells Fargo & Company dropped their price target on 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. Finally, Truist Financial upped their price target on Sun Communities from $136.00 to $142.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $136.60.

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.