Sun Communities, Inc. (NYSE:SUI) Shares Sold by Vision Capital Corp

Vision Capital Corp decreased its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 26.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 274,860 shares of the real estate investment trust's stock after selling 98,933 shares during the period. Sun Communities accounts for about 6.0% of Vision Capital Corp's portfolio, making the stock its 3rd largest holding. Vision Capital Corp owned 0.22% of Sun Communities worth $37,147,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Westfield Capital Management Co. LP lifted its position in Sun Communities by 58.8% during the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust's stock worth $129,728,000 after acquiring an additional 355,427 shares during the last quarter. Swedbank AB increased its stake in shares of Sun Communities by 52.8% during the third quarter. Swedbank AB now owns 162,368 shares of the real estate investment trust's stock worth $21,944,000 after purchasing an additional 56,132 shares during the period. Cerity Partners LLC lifted its holdings in Sun Communities by 56.4% during the 3rd quarter. Cerity Partners LLC now owns 31,346 shares of the real estate investment trust's stock worth $4,236,000 after purchasing an additional 11,305 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Sun Communities by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,075,541 shares of the real estate investment trust's stock worth $145,359,000 after purchasing an additional 3,254 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Sun Communities by 22.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 13,677 shares of the real estate investment trust's stock valued at $1,848,000 after purchasing an additional 2,521 shares during the period. Institutional investors own 99.59% of the company's stock.

Sun Communities Price Performance

Shares of SUI stock traded up $1.52 on Monday, hitting $128.98. 750,637 shares of the company's stock were exchanged, compared to its average volume of 829,479. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The company has a 50 day moving average of $132.51 and a 200 day moving average of $127.57. The stock has a market cap of $16.43 billion, a P/E ratio of 68.53, a price-to-earnings-growth ratio of 0.54 and a beta of 0.91.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly 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 company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company's revenue for the quarter 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. On average, equities research analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.92%. Sun Communities's dividend payout ratio (DPR) is presently 202.15%.

Wall Street Analysts Forecast Growth

SUI has been the subject of a number of research reports. UBS Group downgraded Sun Communities from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $155.00 to $134.00 in a report on Thursday, November 14th. Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a "buy" rating and a $160.00 price objective for the company. Evercore ISI boosted 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. StockNews.com cut shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Wednesday, November 20th. Finally, Royal Bank of Canada cut their price target on Sun Communities from $147.00 to $135.00 and set an "outperform" rating for the company in a research note on Thursday, November 7th. Two investment 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 company presently has an average rating of "Hold" and an average target price of $139.08.

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.