Resona Asset Management Co. Ltd. Purchases Shares of 66,501 Sun Communities, Inc. (NYSE:SUI)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 66,501 shares of the real estate investment trust's stock, valued at approximately $8,211,000. Resona Asset Management Co. Ltd. owned 0.05% of Sun Communities at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SUI. Norges Bank purchased a new position in Sun Communities during the 4th quarter valued at about $888,783,000. Daiwa Securities Group Inc. boosted its position in shares of Sun Communities by 23.3% in the 4th 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 in the last quarter. Prudential Financial Inc. grew its stake in shares of Sun Communities by 138.8% in the 4th quarter. Prudential Financial Inc. now owns 501,216 shares of the real estate investment trust's stock worth $64,436,000 after buying an additional 291,329 shares during the last quarter. American Century Companies Inc. increased 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 valued at $34,343,000 after buying an additional 238,677 shares in the last quarter. Finally, abrdn plc raised its stake in Sun Communities by 343.5% during the fourth quarter. abrdn plc now owns 277,988 shares of the real estate investment trust's stock valued at $34,098,000 after buying an additional 215,314 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

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Wall Street Analysts Forecast Growth

SUI has been the subject of several recent analyst reports. Truist Financial decreased their target price on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a report on Thursday. Jefferies Financial Group started coverage on shares of Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $136.70.

Sun Communities Stock Performance

Shares of Sun Communities stock traded up $1.48 during trading hours on Friday, reaching $120.36. 588,183 shares of the stock traded hands, compared to its average volume of 837,808. The company has a 50 day moving average price of $127.89 and a 200 day moving average price of $127.47. Sun Communities, Inc. has a one year low of $109.22 and a one year 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. The firm has a market capitalization of $15.36 billion, a price-to-earnings ratio of 64.71 and a beta of 0.84.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $745.90 million during the quarter, compared to analysts' expectations of $724.68 million. On average, equities research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.94 per share. The ex-dividend date is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.12%. Sun Communities's payout ratio is currently 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.