Sun Communities, Inc. (NYSE:SUI) Holdings Cut by State Street Corp

State Street Corp decreased its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 4.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,987,669 shares of the real estate investment trust's stock after selling 247,994 shares during the quarter. State Street Corp owned approximately 3.92% of Sun Communities worth $678,741,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SUI. Bristlecone Advisors LLC grew its position in Sun Communities by 2.4% in the 2nd quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust's stock worth $440,000 after purchasing an additional 85 shares during the last quarter. Toronto Dominion Bank grew its position in Sun Communities by 0.8% in the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust's stock worth $1,434,000 after purchasing an additional 98 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Sun Communities by 15.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust's stock worth $92,000 after purchasing an additional 102 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Sun Communities by 1.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust's stock worth $846,000 after purchasing an additional 115 shares during the last quarter. Finally, Avior Wealth Management LLC grew its position in Sun Communities by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust's stock worth $585,000 after purchasing an additional 125 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Price Performance

NYSE:SUI traded down $0.15 during trading hours on Monday, reaching $124.54. 697,271 shares of the company's stock were exchanged, compared to its average volume of 827,516. The company has a market capitalization of $15.87 billion, a P/E ratio of 67.04, a price-to-earnings-growth ratio of 0.52 and a beta of 0.88. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month 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 business's 50-day simple moving average is $129.80 and its two-hundred day simple moving average is $128.08.

Sun Communities (NYSE:SUI - Get Free Report) last issued 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). The business had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company's quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.57 earnings per share. Sell-side analysts expect that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.02%. Sun Communities's dividend payout ratio (DPR) is presently 202.15%.

Analysts Set New Price Targets

SUI has been the subject of several recent analyst reports. Robert W. Baird cut shares of Sun Communities from an "outperform" rating to a "neutral" rating and decreased their target price for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Wells Fargo & Company increased their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an "equal weight" rating in a report on Thursday, September 19th. Bank of America cut shares of Sun Communities from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. Truist Financial increased their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a "hold" rating in a report on Tuesday, August 13th. Finally, Evercore ISI increased their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the company an "in-line" rating in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus 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.