Sun Communities, Inc. (NYSE:SUI) Shares Sold by Bank of Montreal Can

Bank of Montreal Can lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 65.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,213 shares of the real estate investment trust's stock after selling 55,461 shares during the quarter. Bank of Montreal Can's holdings in Sun Communities were worth $3,592,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC raised its position in Sun Communities by 51.3% in the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock worth $973,660,000 after purchasing an additional 2,684,214 shares during the period. Norges Bank purchased a new stake in shares of Sun Communities in the 4th quarter worth approximately $888,783,000. Daiwa Securities Group Inc. boosted its position in Sun Communities by 23.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust's stock valued at $288,244,000 after acquiring an additional 442,557 shares in the last quarter. Geode Capital Management LLC grew its stake in Sun Communities by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 2,143,173 shares of the real estate investment trust's stock valued at $263,069,000 after purchasing an additional 48,846 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Sun Communities by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust's stock worth $138,149,000 after acquiring an additional 47,899 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Wall Street Analyst Weigh In

SUI has been the topic of a number of research reports. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective on the stock. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. JMP Securities reiterated a "market outperform" rating and set a $140.00 price objective (down from $150.00) on shares of Sun Communities in a research note on Monday. Finally, Truist Financial decreased their target price on Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Sun Communities currently has an average rating of "Hold" and a consensus target price of $135.70.

Sun Communities Trading Down 1.7 %

SUI traded down $2.12 during trading hours on Monday, reaching $121.19. The company's stock had a trading volume of 415,502 shares, compared to its average volume of 837,274. The business's 50-day moving average is $127.52 and its 200-day moving average is $127.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a market cap of $15.46 billion, a PE ratio of 65.16 and a beta of 0.84. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million for 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%. As a group, equities research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.10%. Sun Communities's payout ratio is presently 508.11%.

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.