Sterling Capital Management LLC Sells 19,219 Shares of Sun Communities, Inc. (NYSE:SUI)

Sterling Capital Management LLC decreased its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 72.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,310 shares of the real estate investment trust's stock after selling 19,219 shares during the quarter. Sterling Capital Management LLC's holdings in Sun Communities were worth $899,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of SUI. FMR LLC boosted its position in Sun Communities by 51.3% in the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock valued at $973,660,000 after buying an additional 2,684,214 shares in the last quarter. Norges Bank bought a new stake in shares of Sun Communities during the fourth quarter worth $888,783,000. Daiwa Securities Group Inc. increased its position in 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 valued at $288,244,000 after acquiring an additional 442,557 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Sun Communities by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 2,143,173 shares of the real estate investment trust's stock worth $263,069,000 after acquiring an additional 48,846 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Sun Communities by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust's stock worth $138,149,000 after acquiring an additional 47,899 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SUI has been the subject of several research analyst reports. Royal Bank of Canada restated an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Truist Financial cut their price target on Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Finally, Jefferies Financial Group began coverage on Sun Communities in a research report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $136.70.

Sun Communities Trading Up 1.2 %

Shares of NYSE SUI traded up $1.48 during midday trading on Friday, reaching $123.18. 418,560 shares of the stock were exchanged, compared to its average volume of 838,251. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The business has a 50-day simple moving average of $127.59 and a two-hundred day simple moving average of $127.16. The company has a market capitalization of $15.72 billion, a price-to-earnings ratio of 66.22 and a beta of 0.84. 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 (NYSE:SUI - Get Free Report) last posted its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. The business had revenue of $745.90 million during the quarter, compared to analysts' expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, equities research analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date was Monday, March 31st. Sun Communities's dividend payout ratio is presently 508.11%.

Sun Communities 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.