Daiwa Securities Group Inc. raised its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 23.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,344,020 shares of the real estate investment trust's stock after buying an additional 442,557 shares during the period. Sun Communities makes up about 1.3% of Daiwa Securities Group Inc.'s holdings, making the stock its 22nd biggest holding. Daiwa Securities Group Inc. owned approximately 1.84% of Sun Communities worth $288,244,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the business. Legacy Trust purchased a new position in Sun Communities in the fourth quarter valued at about $625,000. Aurora Investment Managers LLC. raised its position in shares of Sun Communities by 9.7% in the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust's stock valued at $3,380,000 after purchasing an additional 2,435 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Sun Communities by 16.1% during 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 buying an additional 108,054 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Sun Communities by 6.9% during the third quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust's stock worth $10,434,000 after buying an additional 5,008 shares in the last quarter. Finally, VCI Wealth Management LLC acquired a new stake in shares of Sun Communities during the fourth quarter worth approximately $1,312,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts have commented on the stock. Jefferies Financial Group reduced their price objective on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, January 2nd. Wells Fargo & Company cut 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 research note on Wednesday, December 11th. UBS Group downgraded Sun Communities from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $155.00 to $134.00 in a research note on Thursday, November 14th. Truist Financial boosted their price objective on Sun Communities from $136.00 to $142.00 and gave the company a "buy" rating in a report on Monday. Finally, StockNews.com downgraded Sun Communities from a "hold" rating to a "sell" rating in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $135.55.
Get Our Latest Research Report on Sun Communities
Sun Communities Stock Performance
NYSE:SUI traded down $2.52 during midday trading on Thursday, reaching $125.59. 548,459 shares of the company traded hands, compared to its average volume of 788,376. The firm has a market capitalization of $16.00 billion, a price-to-earnings ratio of 67.52 and a beta of 0.90. The company has a fifty day moving average price of $127.14 and a 200 day moving average price of $129.63. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. 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 announced its quarterly earnings results 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. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. On average, analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.
Sun Communities Company Profile
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Free Report)
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.
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