Fmr LLC Has $973.66 Million Stock Position in Sun Communities, Inc. (NYSE:SUI)

FMR LLC grew its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 51.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,917,870 shares of the real estate investment trust's stock after purchasing an additional 2,684,214 shares during the period. FMR LLC owned approximately 6.22% of Sun Communities worth $973,660,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Aster Capital Management DIFC Ltd lifted its stake in Sun Communities by 263.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 232 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Sun Communities by 17.2% in the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after purchasing an additional 123 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Sun Communities by 40.4% in the fourth quarter. Russell Investments Group Ltd. now owns 930,216 shares of the real estate investment trust's stock worth $114,388,000 after purchasing an additional 267,695 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Sun Communities during the fourth quarter worth $8,211,000. Finally, Geode Capital Management LLC grew its position in Sun Communities by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 2,143,173 shares of the real estate investment trust's stock valued at $263,069,000 after purchasing an additional 48,846 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

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Sun Communities Stock Performance

SUI stock traded up $1.48 during midday trading on Friday, reaching $120.36. 588,183 shares of the company were exchanged, compared to its average volume of 837,808. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The firm has a market capitalization of $15.36 billion, a price-to-earnings ratio of 64.71 and a beta of 0.84. The business has a 50-day moving average price of $127.89 and a two-hundred day moving average price of $127.47. 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 (NYSE:SUI - Get Free Report) last announced its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The business had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Equities research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The company 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 dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.12%. Sun Communities's payout ratio is currently 508.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Truist Financial cut their price target on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday. Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Finally, Jefferies Financial Group assumed coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $136.70.

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.