First Hawaiian Bank Acquires 5,100 Shares of Sun Communities, Inc. (NYSE:SUI)

First Hawaiian Bank grew its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 29.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,440 shares of the real estate investment trust's stock after acquiring an additional 5,100 shares during the period. First Hawaiian Bank's holdings in Sun Communities were worth $2,759,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Assetmark Inc. lifted its holdings in Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust's stock worth $27,000 after acquiring an additional 190 shares during the period. Brooklyn Investment Group bought a new position in Sun Communities in the 3rd quarter valued at $41,000. Quest Partners LLC grew its position in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust's stock worth $46,000 after buying an additional 381 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Sun Communities during the third quarter worth about $60,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust's stock worth $68,000 after buying an additional 236 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Price Performance

Shares of SUI traded up $0.56 during mid-day trading on Thursday, reaching $122.56. 907,490 shares of the company's stock were exchanged, compared to its average volume of 813,978. The company has a market cap of $15.61 billion, a price-to-earnings ratio of 65.89, a PEG ratio of 0.51 and a beta of 0.89. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The company has a 50-day simple moving average of $125.17 and a two-hundred day simple moving average of $128.98. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same quarter last year, the business posted $2.57 EPS. Sun Communities's quarterly revenue was down 4.4% compared to the same quarter last year. On average, sell-side analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.94 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.07%. Sun Communities's dividend payout ratio (DPR) is presently 202.15%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Truist Financial lowered their price objective on shares of Sun Communities from $138.00 to $131.00 and set a "hold" rating for the company in a report on Wednesday, December 11th. Baird R W lowered shares of Sun Communities from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. Robert W. Baird cut Sun Communities from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. UBS Group lowered shares of Sun Communities from a "buy" rating to a "neutral" rating and lowered their target price for the company from $155.00 to $134.00 in a report on Thursday, November 14th. Finally, Jefferies Financial Group cut 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 report on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $135.69.

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.