Canada Pension Plan Investment Board Reduces Stock Position in Sun Communities, Inc. (NYSE:SUI)

Canada Pension Plan Investment Board lowered its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,030,991 shares of the real estate investment trust's stock after selling 14,000 shares during the quarter. Canada Pension Plan Investment Board owned 0.81% of Sun Communities worth $126,781,000 as of its most recent SEC filing.

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

Sun Communities Stock Up 0.3 %

Shares of NYSE:SUI traded up $0.35 during trading on Wednesday, hitting $121.70. 228,744 shares of the company were exchanged, compared to its average volume of 835,093. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The stock has a market capitalization of $15.53 billion, a P/E ratio of 65.43 and a beta of 0.84. 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 firm's 50 day moving average price is $127.41 and its 200-day moving average price is $126.99.

Sun Communities (NYSE:SUI - Get Free Report) last announced 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 net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. On average, research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.94 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.09%. Sun Communities's payout ratio is currently 508.11%.

Analyst Ratings Changes

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

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.