Legal & General Group Plc Trims Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Legal & General Group Plc lessened its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 20.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,001,399 shares of the real estate investment trust's stock after selling 261,152 shares during the quarter. Legal & General Group Plc owned about 0.79% of Sun Communities worth $123,142,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC lifted its position in Sun Communities by 51.3% during the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock worth $973,660,000 after purchasing an additional 2,684,214 shares during the period. Norges Bank acquired a new stake in Sun Communities in the fourth quarter valued at $888,783,000. Daiwa Securities Group Inc. raised its position in shares of Sun Communities by 23.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust's stock worth $288,244,000 after acquiring an additional 442,557 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Sun Communities by 2.3% in the 4th 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Sun Communities by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust's stock worth $138,149,000 after acquiring an additional 47,899 shares during the period. Institutional investors and hedge funds own 99.59% of the company's stock.

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Sun Communities Stock Performance

SUI traded down $0.44 during trading on Tuesday, hitting $122.74. The company's stock had a trading volume of 333,136 shares, compared to its average volume of 834,319. The business's 50 day simple moving average is $127.82 and its 200-day simple moving average is $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. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The firm has a market cap of $15.66 billion, a PE ratio of 65.83 and a beta of 0.84.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. The company 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, sell-side 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 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date is Monday, March 31st. Sun Communities's dividend payout ratio (DPR) is 508.11%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Truist Financial reduced their price objective on Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Jefferies Financial Group assumed coverage on Sun Communities in a research report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective on the stock. Finally, Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $136.70.

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.