Employees Retirement System of Texas reduced its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,000 shares of the real estate investment trust's stock after selling 3,000 shares during the period. Employees Retirement System of Texas' holdings in Sun Communities were worth $5,534,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Quantinno Capital Management LP lifted its stake in shares of Sun Communities by 22.0% in the 3rd quarter. Quantinno Capital Management LP now owns 7,695 shares of the real estate investment trust's stock valued at $1,040,000 after purchasing an additional 1,390 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Sun Communities by 84.4% during the third quarter. Y Intercept Hong Kong Ltd now owns 12,806 shares of the real estate investment trust's stock worth $1,731,000 after buying an additional 5,861 shares during the period. Vestcor Inc boosted its stake in Sun Communities by 36.9% during the third quarter. Vestcor Inc now owns 2,915 shares of the real estate investment trust's stock worth $394,000 after buying an additional 785 shares during the period. Toronto Dominion Bank increased its position in Sun Communities by 31.6% during the third quarter. Toronto Dominion Bank now owns 15,682 shares of the real estate investment trust's stock valued at $2,119,000 after acquiring an additional 3,766 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Sun Communities in the third quarter valued at $1,564,000. 99.59% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently commented on SUI shares. Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Truist Financial decreased their price target on Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Jefferies Financial Group started coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $136.70.
View Our Latest Analysis on SUI
Sun Communities Stock Up 1.2 %
Shares of SUI stock traded up $1.48 during trading hours on Friday, reaching $120.36. 588,183 shares of the company's stock were exchanged, compared to its average volume of 837,808. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market cap of $15.36 billion, a PE ratio of 64.71 and a beta of 0.84. The stock's fifty day moving average price is $127.89 and its two-hundred day moving average price is $127.47.
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 (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 during the quarter, compared to analysts' expectations of $724.68 million. Research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.
Sun Communities Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.94 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.12%. Sun Communities's dividend payout ratio (DPR) is presently 508.11%.
About Sun Communities
(
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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