Mitsubishi UFJ Trust & Banking Corp Sells 48,178 Shares of Sun Communities, Inc. (NYSE:SUI)

Mitsubishi UFJ Trust & Banking Corp cut its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 29.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 116,999 shares of the real estate investment trust's stock after selling 48,178 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.09% of Sun Communities worth $14,387,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in Sun Communities in the third quarter valued at approximately $41,000. Smartleaf Asset Management LLC raised its stake in Sun Communities by 45.1% in 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 lifted its holdings in Sun Communities by 45.0% during the 4th 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. Point72 Hong Kong Ltd bought a new position in Sun Communities during the third quarter worth $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Sun Communities by 8.5% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust's stock valued at $131,000 after purchasing an additional 84 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Sun Communities Price Performance

Shares of SUI stock traded down $0.07 on Wednesday, hitting $128.41. 61,673 shares of the company's stock were exchanged, compared to its average volume of 824,265. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The company has a 50 day moving average of $128.94 and a 200 day moving average of $128.77. The stock has a market cap of $16.38 billion, a P/E ratio of 69.08 and a beta of 0.90.

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Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. The company had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. On average, equities research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.93%. Sun Communities's dividend payout ratio (DPR) is presently 508.11%.

Analyst Ratings Changes

A number of research firms have recently issued reports on SUI. 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 note on Thursday, January 2nd. Truist Financial increased their price target on Sun Communities from $136.00 to $142.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Wells Fargo & Company dropped their price objective on Sun Communities from $154.00 to $135.00 and set an "equal weight" rating for the company in a report on Wednesday, December 11th. Finally, Royal Bank of Canada reissued an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $136.60.

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.