Franklin Resources Inc. Acquires 28,685 Shares of Sun Communities, Inc. (NYSE:SUI)

Franklin Resources Inc. grew its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 369.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,448 shares of the real estate investment trust's stock after purchasing an additional 28,685 shares during the period. Franklin Resources Inc.'s holdings in Sun Communities were worth $4,482,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quantinno Capital Management LP increased its position in shares of Sun Communities by 22.0% during 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 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 valued at $394,000 after buying an additional 785 shares in the last quarter. Toronto Dominion Bank grew its holdings 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 worth $2,119,000 after acquiring an additional 3,766 shares during the period. Virtu Financial LLC bought a new stake in Sun Communities in the third quarter worth about $1,564,000. Finally, Central Pacific Bank Trust Division lifted its holdings in Sun Communities by 97.2% in the 4th quarter. Central Pacific Bank Trust Division now owns 3,500 shares of the real estate investment trust's stock valued at $430,000 after acquiring an additional 1,725 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

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Sun Communities Stock Down 0.9 %

Shares of SUI traded down $1.05 during trading hours on Tuesday, reaching $122.13. The company's stock had a trading volume of 273,032 shares, compared to its average volume of 834,012. The company has a 50 day moving average of $127.82 and a two-hundred day moving average of $127.38. 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 firm has a market cap of $15.58 billion, a price-to-earnings ratio of 65.66 and a beta of 0.84. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (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 analyst estimates of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.08%. The ex-dividend date is Monday, March 31st. Sun Communities's payout ratio is presently 508.11%.

Analyst Ratings Changes

A number of analysts recently commented on the stock. 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. Jefferies Financial Group initiated coverage on Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective for the company. Finally, Royal Bank of Canada restated an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Two equities research 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's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price 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.