Sun Communities, Inc. (NYSE:SUI) Stock Position Lifted by abrdn plc

abrdn plc increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 343.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 277,988 shares of the real estate investment trust's stock after purchasing an additional 215,314 shares during the quarter. abrdn plc owned 0.22% of Sun Communities worth $34,098,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Assetmark Inc. grew 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 valued at $27,000 after buying an additional 190 shares in the last quarter. Brooklyn Investment Group purchased a new position in Sun Communities in the 3rd quarter worth approximately $41,000. CKW Financial Group grew its position in Sun Communities by 45.0% in the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock valued at $53,000 after acquiring an additional 135 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Sun Communities during the third quarter valued at approximately $60,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Sun Communities by 89.1% during the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust's stock worth $68,000 after purchasing an additional 236 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SUI. 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 report on Thursday, November 7th. Truist Financial upgraded Sun Communities from a "hold" rating to a "buy" rating in a research note on Friday, January 17th. Jefferies Financial Group cut their price target on Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, January 2nd. UBS Group lowered Sun Communities from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Finally, StockNews.com lowered Sun Communities from a "hold" rating to a "sell" rating in a research report on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $134.55.

Sun Communities Stock Performance

SUI traded down $0.06 during trading hours on Friday, hitting $125.27. 540,853 shares of the stock were exchanged, compared to its average volume of 795,743. 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, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The stock has a 50-day simple moving average of $124.35 and a 200-day simple moving average of $129.61. The stock has a market cap of $15.96 billion, a price-to-earnings ratio of 67.35 and a beta of 0.90.

Sun Communities (NYSE:SUI - Get Free Report) 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 analysts' consensus estimates of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same quarter in the previous year, the business posted $2.57 earnings per share. The company's quarterly revenue was down 4.4% compared to the same quarter last year. Analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.00%. Sun Communities's payout ratio is currently 202.15%.

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.