Adage Capital Partners GP L.L.C. lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,000 shares of the real estate investment trust's stock after purchasing an additional 15,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.19% of Sun Communities worth $29,513,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Sun Communities by 8.5% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust's stock worth $131,000 after acquiring an additional 84 shares in the last quarter. Cascade Investment Advisors Inc. raised its position in shares of Sun Communities by 0.8% during the fourth quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust's stock worth $1,276,000 after purchasing an additional 85 shares during the period. Cetera Trust Company N.A lifted its holdings in shares of Sun Communities by 6.0% in the 4th quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust's stock worth $229,000 after purchasing an additional 105 shares in the last quarter. Quadrant Capital Group LLC grew its position in Sun Communities by 17.2% in the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after purchasing an additional 123 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 124 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.
Sun Communities Stock Performance
SUI stock traded up $1.18 during midday trading on Monday, hitting $123.50. The company's stock had a trading volume of 619,057 shares, compared to its average volume of 838,948. The stock has a market cap of $15.76 billion, a price-to-earnings ratio of 66.40 and a beta of 0.84. 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 stock's 50-day moving average price is $127.19 and its 200 day moving average price is $126.84. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83.
Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. On average, equities analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.
Sun Communities Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.94 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.04%. Sun Communities's payout ratio is 508.11%.
Wall Street Analyst Weigh In
SUI has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Truist Financial dropped their price target on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. JMP Securities reiterated a "market outperform" rating and set a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a research note on Monday, April 21st. Finally, Jefferies Financial Group started coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $135.70.
Get Our Latest Research Report on Sun Communities
About Sun Communities
(
Free Report)
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.
Further Reading
Before you consider Sun Communities, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Sun Communities wasn't on the list.
While Sun Communities currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
