Sun Communities, Inc. (NYSE:SUI) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 4.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 671,690 shares of the real estate investment trust's stock after selling 31,125 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.54% of Sun Communities worth $90,779,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Empowered Funds LLC acquired a new position in Sun Communities in the first quarter valued at $237,000. State Board of Administration of Florida Retirement System increased its stake in Sun Communities by 4.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 151,233 shares of the real estate investment trust's stock valued at $21,306,000 after purchasing an additional 6,746 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Sun Communities by 8.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust's stock valued at $18,414,000 after purchasing an additional 11,195 shares during the period. Centersquare Investment Management LLC increased its stake in Sun Communities by 4.7% in the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust's stock valued at $279,259,000 after purchasing an additional 96,529 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in Sun Communities by 175.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 183,895 shares of the real estate investment trust's stock valued at $23,264,000 after purchasing an additional 117,251 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Trading Down 0.6 %

Shares of Sun Communities stock traded down $0.79 during mid-day trading on Thursday, hitting $125.10. 417,050 shares of the stock were exchanged, compared to its average volume of 830,393. The stock has a market capitalization of $15.94 billion, a price-to-earnings ratio of 67.28, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The company has a 50-day simple moving average of $134.73 and a 200 day simple moving average of $126.98.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $939.90 million during the quarter, compared to analysts' expectations of $980.41 million. During the same period in the previous year, the firm posted $2.57 earnings per share. The firm's revenue was down 4.4% on a year-over-year basis. Research analysts forecast that Sun Communities, Inc. will post 6.76 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 3.01%. Sun Communities's dividend payout ratio is presently 202.15%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Sun Communities from $123.00 to $154.00 and gave the stock an "equal weight" rating in a report on Thursday, September 19th. Royal Bank of Canada reduced their price target on Sun Communities from $147.00 to $135.00 and set an "outperform" rating for the company in a report on Thursday, November 7th. Truist Financial upped their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a "hold" rating in a report on Tuesday, August 13th. StockNews.com raised Sun Communities from a "sell" rating to a "hold" rating in a report on Tuesday. Finally, Bank of America lowered shares of Sun Communities from a "neutral" rating to an "underperform" rating and decreased their target price for the stock from $147.00 to $114.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Sun Communities presently has an average rating of "Hold" and an average 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.