Price T Rowe Associates Inc. MD Purchases 911,857 Shares of Sun Communities, Inc. (NYSE:SUI)

Price T Rowe Associates Inc. MD raised its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 19.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 5,549,540 shares of the real estate investment trust's stock after purchasing an additional 911,857 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 4.36% of Sun Communities worth $682,429,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aster Capital Management DIFC Ltd boosted its position in shares of Sun Communities by 263.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 232 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of 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 in the last quarter. CKW Financial Group lifted its position in shares of 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 acquiring an additional 135 shares during the period. Natixis bought a new position in Sun Communities during the fourth quarter worth $90,000. Finally, Quadrant Capital Group LLC increased its stake in Sun Communities by 17.2% in the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after purchasing an additional 123 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Wall Street Analyst Weigh In

SUI has been the topic of several recent research reports. JMP Securities reiterated a "market outperform" rating and issued a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a report on Monday, April 21st. Truist Financial dropped their price objective on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Jefferies Financial Group started coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They set a "buy" rating and a $150.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Sun Communities has a consensus rating of "Hold" and a consensus price target of $135.70.

Sun Communities Trading Up 0.4 %

SUI stock traded up $0.45 during trading on Tuesday, reaching $123.71. The company had a trading volume of 215,575 shares, compared to its average volume of 836,570. 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 $109.22 and a 52 week high of $147.83. The business has a 50 day moving average of $127.19 and a 200 day moving average of $126.84. The company has a market cap of $15.78 billion, a P/E ratio of 66.44 and a beta of 0.84.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. As a group, sell-side analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.94 per share. The ex-dividend date was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.04%. Sun Communities's dividend payout ratio is presently 508.11%.

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.