Allstate Corp Acquires 2,346 Shares of Sun Communities, Inc. (NYSE:SUI)

Allstate Corp boosted its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 38.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,383 shares of the real estate investment trust's stock after purchasing an additional 2,346 shares during the quarter. Allstate Corp's holdings in Sun Communities were worth $1,031,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. increased its stake 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 valued at $131,000 after purchasing an additional 84 shares in the last quarter. Cascade Investment Advisors Inc. increased its stake in Sun Communities by 0.8% in the 4th quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust's stock valued at $1,276,000 after buying an additional 85 shares during the last quarter. Cetera Trust Company N.A grew 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 valued at $229,000 after acquiring an additional 105 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Sun Communities by 45.1% during 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. Finally, Argonautica Private Wealth Management Inc. increased its position in shares of Sun Communities by 4.5% during the 4th quarter. Argonautica Private Wealth Management Inc. now owns 2,901 shares of the real estate investment trust's stock worth $357,000 after purchasing an additional 126 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

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Analyst Ratings Changes

Several research firms recently weighed in on SUI. Truist Financial raised their target price on shares of Sun Communities from $136.00 to $142.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Wells Fargo & Company reduced their target price on Sun Communities from $154.00 to $135.00 and set an "equal weight" rating for the company in a research note on Wednesday, December 11th. Jefferies Financial Group cut their price target on Sun Communities from $145.00 to $142.00 and set a "buy" rating for the company in a report on Thursday, January 2nd. Finally, Royal Bank of Canada restated an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $136.60.

Sun Communities Price Performance

SUI traded up $1.06 on Thursday, hitting $129.99. 378,164 shares of the stock were exchanged, compared to its average volume of 824,139. The business has a 50-day moving average of $129.02 and a two-hundred day moving average of $128.77. The firm has a market capitalization of $16.59 billion, a price-to-earnings ratio of 69.93 and a beta of 0.90. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. 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 (NYSE:SUI - Get Free Report) last issued 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. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $745.90 million during the quarter, compared to analysts' expectations of $724.68 million. Sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities's dividend 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.