AGF Management Ltd. Takes Position in Sun Communities, Inc. (NYSE:SUI)

AGF Management Ltd. purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,966 shares of the real estate investment trust's stock, valued at approximately $2,455,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Assetmark Inc. increased its holdings in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust's stock worth $27,000 after acquiring an additional 190 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Sun Communities in the third quarter valued at $41,000. Smartleaf Asset Management LLC increased its holdings in shares of Sun Communities by 45.1% in the fourth 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 during the last quarter. CKW Financial Group raised its position in shares of 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 purchasing an additional 135 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Sun Communities during the 3rd quarter worth about $60,000. Institutional investors own 99.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company reduced their price objective on Sun Communities from $154.00 to $135.00 and set an "equal weight" rating for the company in a report on Wednesday, December 11th. Truist Financial boosted their price target on Sun Communities from $136.00 to $142.00 and gave the company a "buy" rating in a research note on Monday, March 10th. StockNews.com downgraded Sun Communities from a "hold" rating to a "sell" rating in a report on Wednesday, November 20th. Royal Bank of Canada restated an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Jefferies Financial Group dropped their price objective on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating for the company in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Sun Communities has an average rating of "Hold" and a consensus target price of $135.55.

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Sun Communities Trading Up 2.8 %

Shares of NYSE SUI traded up $3.65 during trading on Monday, reaching $131.79. The company had a trading volume of 969,900 shares, compared to its average volume of 847,966. The stock has a market cap of $16.79 billion, a P/E ratio of 70.85 and a beta of 0.90. The company's fifty day moving average price is $127.27 and its 200-day moving average price is $129.52. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $745.90 million for the quarter, compared to analysts' expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.85%. Sun Communities's payout ratio is currently 508.11%.

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.