Nomura Asset Management Co. Ltd. Trims Stake in Sun Communities, Inc. (NYSE:SUI)

Nomura Asset Management Co. Ltd. reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 5.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 190,581 shares of the real estate investment trust's stock after selling 10,373 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.15% of Sun Communities worth $25,757,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Assetmark Inc. boosted its position in 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 buying an additional 190 shares during the period. Brooklyn Investment Group bought a new stake in shares of Sun Communities during the third quarter valued at approximately $41,000. Quest Partners LLC boosted its holdings in shares of Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust's stock valued at $46,000 after purchasing an additional 381 shares during the period. Point72 Hong Kong Ltd bought a new position in Sun Communities in the third quarter worth approximately $60,000. Finally, 1620 Investment Advisors Inc. bought a new stake in Sun Communities during the 2nd quarter valued at $62,000. 99.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on SUI shares. Baird R W lowered Sun Communities from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. Bank of America downgraded shares of Sun Communities from a "neutral" rating to an "underperform" rating and cut their target price for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. Jefferies Financial Group began coverage on shares of Sun Communities in a report on Thursday, October 17th. They issued a "buy" rating and a $160.00 price target for the company. Robert W. Baird lowered shares of Sun Communities from an "outperform" rating to a "neutral" rating and cut their price objective for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Finally, Truist Financial lowered their target price on Sun Communities from $138.00 to $131.00 and set a "hold" rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $137.08.

Sun Communities Stock Performance

NYSE:SUI traded down $1.66 during trading hours on Wednesday, hitting $121.18. 817,882 shares of the company were exchanged, compared to its average volume of 828,292. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83. The stock has a market capitalization of $15.44 billion, a price-to-earnings ratio of 65.15, a PEG ratio of 0.52 and a beta of 0.88. The company's 50 day moving average price is $129.13 and its 200-day moving average price is $128.11.

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 the consensus estimate of $2.51 by ($0.20). The firm had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Sun Communities's revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.57 earnings per share. As a group, research analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, December 31st. Sun Communities's payout ratio is 202.15%.

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.