Long Pond Capital LP Sells 357,039 Shares of Sun Communities, Inc. (NYSE:SUI)

Long Pond Capital LP lessened its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 74.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 123,994 shares of the real estate investment trust's stock after selling 357,039 shares during the quarter. Sun Communities comprises 0.8% of Long Pond Capital LP's investment portfolio, making the stock its 23rd biggest holding. Long Pond Capital LP owned about 0.10% of Sun Communities worth $15,248,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd lifted its stake in shares of 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 worth $39,000 after acquiring an additional 232 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 124 shares during the period. CKW Financial Group grew its holdings in Sun Communities by 45.0% in the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 135 shares during the last quarter. Quadrant Capital Group LLC grew its stake in Sun Communities by 17.2% in the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after acquiring an additional 123 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in Sun Communities by 8.5% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust's stock worth $131,000 after buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Stock Performance

NYSE SUI traded up $1.08 during trading hours on Tuesday, reaching $122.23. The company's stock had a trading volume of 178,113 shares, compared to its average volume of 813,434. The stock has a market cap of $15.59 billion, a PE ratio of 65.71 and a beta of 0.84. The business has a 50-day simple moving average of $127.52 and a 200 day simple moving average of $127.03. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly 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 analyst estimates of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Equities research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities's payout ratio is 508.11%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. JMP Securities reissued a "market outperform" rating and issued a $140.00 price objective (down previously from $150.00) on shares of Sun Communities in a research report on Monday. Truist Financial dropped their target price 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. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $135.70.

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.