Los Angeles Capital Management LLC Purchases 95,303 Shares of Sun Communities, Inc. (NYSE:SUI)

Los Angeles Capital Management LLC increased its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 173.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,174 shares of the real estate investment trust's stock after acquiring an additional 95,303 shares during the period. Los Angeles Capital Management LLC owned approximately 0.12% of Sun Communities worth $20,296,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Assetmark Inc. boosted its position in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust's stock valued at $27,000 after purchasing an additional 190 shares during the period. Quest Partners LLC lifted its stake in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust's stock valued at $46,000 after buying an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Sun Communities in the second quarter worth about $62,000. Farther Finance Advisors LLC increased its position in shares of Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust's stock worth $68,000 after acquiring an additional 236 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Sun Communities by 230.7% during the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust's stock valued at $84,000 after acquiring an additional 436 shares during the period. 99.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SUI shares. Robert W. Baird cut shares of Sun Communities from an "outperform" rating to a "neutral" rating and lowered their price objective for the stock from $145.00 to $126.00 in a research report on Thursday. BMO Capital Markets lowered their price target on Sun Communities from $145.00 to $138.00 and set an "outperform" rating on the stock in a report on Thursday. Wells Fargo & Company increased their price objective on Sun Communities from $123.00 to $154.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 19th. Royal Bank of Canada lowered their target price on Sun Communities from $147.00 to $135.00 and set an "outperform" rating on the stock in a research note on Thursday. Finally, Truist Financial increased their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a "hold" rating in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $141.82.

Sun Communities Stock Performance

NYSE:SUI traded up $1.80 during midday trading on Monday, reaching $127.12. The stock had a trading volume of 1,017,461 shares, compared to its average volume of 829,366. The stock has a market capitalization of $15.85 billion, a P/E ratio of 67.38, a PEG ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The firm's fifty day simple moving average is $135.32 and its 200-day simple moving average is $126.90.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.26%. The business had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same period last year, the business earned $2.57 EPS. The business's quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities research analysts forecast that Sun Communities, Inc. will post 6.76 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities's payout ratio is presently 202.15%.

About Sun Communities

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.