Sun Communities, Inc. (NYSE:SUI) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. trimmed its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 1.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 234,868 shares of the real estate investment trust's stock after selling 4,051 shares during the quarter. Alliancebernstein L.P. owned 0.18% of Sun Communities worth $28,882,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SUI. Legacy Trust purchased a new stake in shares of Sun Communities in the fourth quarter worth about $625,000. Aurora Investment Managers LLC. increased its holdings in shares of Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust's stock valued at $3,380,000 after purchasing an additional 2,435 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted 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 during the period. VCI Wealth Management LLC acquired a new position in shares of Sun Communities in the 4th quarter valued at $1,312,000. Finally, Vert Asset Management LLC lifted its stake in shares of Sun Communities by 9.9% in the 4th quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust's stock valued at $6,897,000 after purchasing an additional 5,060 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SUI shares. Truist Financial cut their price objective on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a report on Thursday. Jefferies Financial Group assumed coverage on Sun Communities in a research note on Tuesday. They issued a "buy" rating and a $150.00 price target for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $136.70.

Sun Communities Price Performance

Shares of SUI traded up $1.48 during trading hours on Friday, hitting $120.36. 588,183 shares of the stock were exchanged, compared to its average volume of 836,304. The stock's 50-day moving average price is $127.89 and its two-hundred day moving average price is $127.53. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The company has a market cap of $15.36 billion, a price-to-earnings ratio of 64.71 and a beta of 0.84.

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

Sun Communities Announces Dividend

The business also recently disclosed 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 3.12%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities's dividend payout ratio (DPR) is currently 508.11%.

Sun Communities Company 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.