Norges Bank acquired a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,227,638 shares of the real estate investment trust's stock, valued at approximately $888,783,000. Norges Bank owned 5.67% of Sun Communities as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Brooklyn Investment Group acquired a new position in Sun Communities during the third quarter valued at $41,000. Smartleaf Asset Management LLC raised its stake 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 buying an additional 124 shares during the last quarter. CKW Financial Group lifted its holdings in shares of Sun Communities by 45.0% in the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock valued at $53,000 after buying an additional 135 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Sun Communities in the third quarter worth about $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its holdings 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 acquiring an additional 84 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have commented on the company. Wells Fargo & Company lowered their price objective on Sun Communities from $154.00 to $135.00 and set an "equal weight" rating on the stock in a research report on Wednesday, December 11th. Truist Financial increased their price target on shares of Sun Communities from $136.00 to $142.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Finally, Jefferies Financial Group lowered their target price on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Sun Communities presently has a consensus rating of "Hold" and an average target price of $136.60.
Check Out Our Latest Stock Analysis on SUI
Sun Communities Price Performance
Shares of Sun Communities stock traded down $0.17 during mid-day trading on Tuesday, reaching $128.47. 184,513 shares of the stock traded hands, compared to its average volume of 839,171. The stock has a market capitalization of $16.39 billion, a PE ratio of 69.07 and a beta of 0.90. The business has a 50-day moving average of $128.93 and a 200 day moving average of $128.91. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. 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 (NYSE:SUI - Get Free Report) last announced its quarterly earnings data 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. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. On average, analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.
Sun Communities Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.94 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.93%. Sun Communities's payout ratio is 508.11%.
Sun Communities Profile
(
Free Report)
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.
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