Baillie Gifford & Co. Sells 13,544 Shares of Sun Communities, Inc. (NYSE:SUI)

Baillie Gifford & Co. lessened its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 15.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,147 shares of the real estate investment trust's stock after selling 13,544 shares during the quarter. Baillie Gifford & Co. owned 0.06% of Sun Communities worth $9,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SUI. Empowered Funds LLC purchased a new position in Sun Communities during the first quarter valued at approximately $237,000. SG Americas Securities LLC boosted its position in shares of Sun Communities by 145.0% during the first quarter. SG Americas Securities LLC now owns 20,576 shares of the real estate investment trust's stock valued at $2,646,000 after purchasing an additional 12,177 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Sun Communities by 4.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 151,233 shares of the real estate investment trust's stock worth $21,306,000 after purchasing an additional 6,746 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Sun Communities by 8.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust's stock worth $18,414,000 after buying an additional 11,195 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its stake in Sun Communities by 4.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust's stock valued at $279,259,000 after purchasing an additional 96,529 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SUI has been the topic of a number of recent research reports. StockNews.com raised Sun Communities from a "sell" rating to a "hold" rating in a report on Tuesday. Robert W. Baird downgraded shares of Sun Communities from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Wells Fargo & Company raised their price objective on Sun Communities from $123.00 to $154.00 and gave the company an "equal weight" rating in a research note on Thursday, September 19th. Truist Financial upped their price target on shares of Sun Communities from $127.00 to $138.00 and gave the company a "hold" rating in a report on Tuesday, August 13th. Finally, Royal Bank of Canada dropped their target price on shares of Sun Communities from $147.00 to $135.00 and set an "outperform" rating on the stock in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Sun Communities currently has a consensus rating of "Hold" and an average target price of $139.50.

Sun Communities Price Performance

SUI stock traded up $1.72 during trading hours on Wednesday, hitting $125.89. 1,049,868 shares of the stock traded hands, compared to its average volume of 832,271. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The company has a market cap of $16.04 billion, a P/E ratio of 66.59, a P/E/G ratio of 0.95 and a beta of 0.91. The stock has a 50-day simple moving average of $134.93 and a 200 day simple moving average of $126.99.

Sun Communities (NYSE:SUI - Get Free Report) last issued its 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). The company had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company's quarterly revenue was down 4.4% on a year-over-year basis. During the same period last year, the business earned $2.57 EPS. Equities analysts forecast that Sun Communities, Inc. will post 6.76 earnings per share for the current year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 2.99%. 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.