JPMorgan Chase & Co. Cuts Position in Sun Communities, Inc. (NYSE:SUI)

JPMorgan Chase & Co. lowered its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 9.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 899,942 shares of the real estate investment trust's stock after selling 90,134 shares during the quarter. JPMorgan Chase & Co. owned 0.71% of Sun Communities worth $110,666,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SUI. Legacy Trust purchased a new position in Sun Communities in the 4th quarter valued at approximately $625,000. Aurora Investment Managers LLC. increased its position in shares of Sun Communities by 9.7% in the fourth quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust's stock valued at $3,380,000 after buying an additional 2,435 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised 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 worth $95,885,000 after buying an additional 108,054 shares during the last quarter. VCI Wealth Management LLC purchased a new stake in shares of Sun Communities in the 4th quarter worth about $1,312,000. Finally, Vert Asset Management LLC grew its stake in Sun Communities by 9.9% in the 4th quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust's stock valued at $6,897,000 after acquiring an additional 5,060 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on SUI shares. Jefferies Financial Group cut their target price on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, January 2nd. Wells Fargo & Company reduced their target price on 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. Royal Bank of Canada reissued an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Truist Financial upped their price objective on Sun Communities from $136.00 to $142.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Sun Communities presently has an average rating of "Hold" and an average target price of $136.60.

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Sun Communities Trading Down 4.1 %

NYSE SUI traded down $5.05 during trading hours on Monday, hitting $119.25. 859,187 shares of the company's stock were exchanged, compared to its average volume of 829,648. The business's 50 day moving average is $128.80 and its 200-day moving average is $128.24. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The firm has a market capitalization of $15.22 billion, a P/E ratio of 64.12 and a beta of 0.84.

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 for the quarter, topping 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 business had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. As a group, analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.15%. Sun Communities's dividend payout ratio (DPR) is presently 508.11%.

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.