Sun Communities, Inc. (NYSE:SUI) Shares Acquired by Prudential Financial Inc.

Prudential Financial Inc. increased its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 138.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 501,216 shares of the real estate investment trust's stock after buying an additional 291,329 shares during the quarter. Prudential Financial Inc. owned about 0.39% of Sun Communities worth $64,436,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SUI. FMR LLC lifted its position in Sun Communities by 37.6% during the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust's stock worth $707,329,000 after acquiring an additional 1,430,630 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Sun Communities by 1,061.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust's stock worth $178,868,000 after purchasing an additional 1,209,522 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Sun Communities by 23.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust's stock worth $288,244,000 after purchasing an additional 442,557 shares during the period. Adelante Capital Management LLC boosted its position in Sun Communities by 168.7% in the third quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust's stock valued at $75,566,000 after buying an additional 351,017 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Sun Communities by 587.9% during the 4th quarter. American Century Companies Inc. now owns 279,277 shares of the real estate investment trust's stock worth $34,343,000 after buying an additional 238,677 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

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Sun Communities Stock Performance

Shares of SUI stock traded up $1.93 during mid-day trading on Friday, hitting $130.04. 952,380 shares of the stock were exchanged, compared to its average volume of 825,610. The stock's fifty day simple moving average is $128.88 and its two-hundred day simple moving average is $129.11. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The stock has a market capitalization of $16.59 billion, a price-to-earnings ratio of 69.91 and a beta of 0.90.

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

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Monday, March 31st. Sun Communities's dividend payout ratio is currently 508.11%.

Analysts Set New Price Targets

Several analysts have recently commented on SUI shares. Truist Financial increased their price objective on shares of Sun Communities from $136.00 to $142.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Jefferies Financial Group cut their price target on Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a research report on Thursday, January 2nd. Wells Fargo & Company decreased 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 reaffirmed an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target 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.