Sun Communities, Inc. (NYSE:SUI) Shares Purchased by Cohen & Steers Inc.

Cohen & Steers Inc. grew its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 30.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,373,446 shares of the real estate investment trust's stock after purchasing an additional 3,811,528 shares during the period. Sun Communities comprises about 3.8% of Cohen & Steers Inc.'s holdings, making the stock its 8th biggest holding. Cohen & Steers Inc. owned 12.85% of Sun Communities worth $2,013,414,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legacy Trust purchased a new stake in Sun Communities in the 4th quarter worth about $625,000. Aurora Investment Managers LLC. boosted its position in Sun Communities by 9.7% during the fourth quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust's stock worth $3,380,000 after purchasing an additional 2,435 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in Sun Communities by 16.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock worth $95,885,000 after purchasing an additional 108,054 shares during the period. VCI Wealth Management LLC acquired a new position in Sun Communities during the fourth quarter valued at approximately $1,312,000. Finally, Vert Asset Management LLC boosted its holdings 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. Institutional investors and hedge funds own 99.59% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SUI shares. 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 report on Thursday, April 10th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They set a "buy" rating and a $150.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Sun Communities presently has an average rating of "Hold" and a consensus target price of $136.70.

Sun Communities Price Performance

Sun Communities stock traded up $1.48 during mid-day trading on Friday, hitting $123.18. 418,560 shares of the company were exchanged, compared to its average volume of 838,251. The company has a market capitalization of $15.72 billion, a PE ratio of 66.22 and a beta of 0.84. The business has a fifty day moving average of $127.59 and a 200 day moving average of $127.16. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83. 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 (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. The business had revenue of $745.90 million during 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, sell-side analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.05%. Sun Communities's dividend payout ratio (DPR) 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.