OVERSEA CHINESE BANKING Corp Ltd Sells 18,015 Shares of Sun Communities, Inc. (NYSE:SUI)

OVERSEA CHINESE BANKING Corp Ltd lowered its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 76.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,625 shares of the real estate investment trust's stock after selling 18,015 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Sun Communities were worth $760,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in Sun Communities by 50.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust's stock valued at $424,677,000 after acquiring an additional 1,105,306 shares during the period. PGGM Investments lifted its position in Sun Communities by 159.9% in the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust's stock valued at $150,033,000 after purchasing an additional 767,126 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust's stock valued at $264,253,000 after purchasing an additional 424,842 shares during the last quarter. Hsbc Holdings PLC lifted its position in Sun Communities by 199.1% in the second quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust's stock valued at $42,754,000 after purchasing an additional 238,498 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Sun Communities by 499.9% in the first quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust's stock valued at $18,562,000 after purchasing an additional 131,641 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Performance

SUI stock traded down $0.68 during trading on Thursday, reaching $125.21. The stock had a trading volume of 328,753 shares, compared to its average volume of 829,993. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83. The stock's 50 day moving average is $134.73 and its two-hundred day moving average is $126.98. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $15.95 billion, a PE ratio of 67.28, a PEG ratio of 0.95 and a beta of 0.91.

Sun Communities (NYSE:SUI - Get Free Report) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share 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 3.21%. The firm had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same period in the prior year, the company posted $2.57 EPS. The firm's revenue was down 4.4% compared to the same quarter last year. As a group, equities analysts anticipate that Sun Communities, Inc. will post 6.76 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities's dividend payout ratio (DPR) is currently 202.15%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SUI. Baird R W downgraded Sun Communities from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. Royal Bank of Canada decreased their target price on Sun Communities from $147.00 to $135.00 and set an "outperform" rating for the company in a report on Thursday, November 7th. Robert W. Baird downgraded Sun Communities from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $145.00 to $126.00 in a report on Thursday, November 7th. BMO Capital Markets reduced their price target on Sun Communities from $145.00 to $138.00 and set an "outperform" rating on the stock in a research note on Thursday, November 7th. Finally, Evercore ISI upped their price target on Sun Communities from $149.00 to $150.00 and gave the stock an "in-line" rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $139.08.

Sun Communities Company 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.