Cannon Global Investment Management LLC Takes Position in Sun Communities, Inc. (NYSE:SUI)

Cannon Global Investment Management LLC bought a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,300 shares of the real estate investment trust's stock, valued at approximately $1,021,000. Sun Communities comprises 2.2% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 9th largest position.

Several other institutional investors and hedge funds have also made changes to their positions in SUI. LPL Financial LLC increased its position in Sun Communities by 22.3% during the fourth quarter. LPL Financial LLC now owns 25,560 shares of the real estate investment trust's stock worth $3,143,000 after buying an additional 4,665 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Sun Communities in the 4th quarter valued at $5,285,000. Sei Investments Co. raised its position in Sun Communities by 26.7% in the 4th quarter. Sei Investments Co. now owns 819,369 shares of the real estate investment trust's stock valued at $100,758,000 after purchasing an additional 172,924 shares during the last quarter. American Century Companies Inc. boosted its stake in Sun Communities by 587.9% during the 4th quarter. American Century Companies Inc. now owns 279,277 shares of the real estate investment trust's stock worth $34,343,000 after purchasing an additional 238,677 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its position in Sun Communities by 6.2% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 94,759 shares of the real estate investment trust's stock worth $11,652,000 after purchasing an additional 5,498 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SUI shares. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Wells Fargo & Company reduced their price objective 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 decreased their price objective on Sun Communities from $145.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, January 2nd. Finally, Truist Financial upped their price target on Sun Communities from $136.00 to $142.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $136.60.

Sun Communities Price Performance

SUI stock traded up $1.93 on Friday, reaching $130.04. 952,380 shares of the company's stock were exchanged, compared to its average volume of 825,610. The stock has a fifty day moving average of $128.88 and a 200-day moving average of $129.19. The firm has a market cap of $16.59 billion, a PE ratio of 69.91 and a beta of 0.90. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. The business had revenue of $745.90 million for the quarter, compared to analysts' expectations 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 analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.89%. Sun Communities's dividend payout ratio (DPR) is presently 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.