Bank of New York Mellon Corp Raises Stock Position in Sun Communities, Inc. (NYSE:SUI)

Bank of New York Mellon Corp raised its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 12.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 552,888 shares of the real estate investment trust's stock after buying an additional 60,589 shares during the period. Bank of New York Mellon Corp owned about 0.43% of Sun Communities worth $67,989,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SUI. Assetmark Inc. increased its position 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 valued at $27,000 after purchasing an additional 190 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Sun Communities in the 3rd quarter worth $41,000. CKW Financial Group raised its holdings in Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock valued at $53,000 after acquiring an additional 135 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of Sun Communities in the third quarter worth about $60,000. Finally, Farther Finance Advisors LLC grew its position in shares of Sun Communities by 89.1% during the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust's stock worth $68,000 after purchasing an additional 236 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Trading Up 2.2 %

Shares of NYSE:SUI traded up $2.92 during trading on Friday, hitting $134.28. The company had a trading volume of 436,172 shares, compared to its average volume of 837,365. The stock has a market cap of $17.10 billion, a price-to-earnings ratio of 72.12 and a beta of 0.90. 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 company has a fifty day simple moving average of $126.53 and a two-hundred day simple moving average of $129.69. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83.

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Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly 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 company had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, equities analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Wall Street Analyst Weigh In

SUI has been the topic of a number of research analyst reports. Robert W. Baird cut Sun Communities from an "outperform" rating to a "neutral" rating and lowered their price target for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Wells Fargo & Company lowered their target price on shares of Sun Communities from $154.00 to $135.00 and set an "equal weight" rating on the stock in a report on Wednesday, December 11th. Bank of America cut shares of Sun Communities from a "neutral" rating to an "underperform" rating and cut their target price for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Truist Financial upgraded shares of Sun Communities from a "hold" rating to a "buy" rating in a report on Friday, January 17th. 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 report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $134.55.

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.