Atom Investors LP Acquires 8,578 Shares of Sun Communities, Inc. (NYSE:SUI)

Atom Investors LP raised its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 197.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,922 shares of the real estate investment trust's stock after buying an additional 8,578 shares during the period. Atom Investors LP's holdings in Sun Communities were worth $1,746,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. B. Riley Wealth Advisors Inc. grew its stake in Sun Communities by 15.4% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,752 shares of the real estate investment trust's stock valued at $209,000 after purchasing an additional 234 shares in the last quarter. Tidal Investments LLC grew its position in Sun Communities by 9.4% in the first quarter. Tidal Investments LLC now owns 8,869 shares of the real estate investment trust's stock worth $1,129,000 after acquiring an additional 763 shares in the last quarter. Cetera Advisors LLC acquired a new position in shares of Sun Communities during the 1st quarter worth $515,000. DNB Asset Management AS raised its holdings in shares of Sun Communities by 1.8% during the 2nd quarter. DNB Asset Management AS now owns 19,249 shares of the real estate investment trust's stock valued at $2,316,000 after purchasing an additional 349 shares in the last quarter. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of Sun Communities in the 2nd quarter valued at $13,164,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Up 0.1 %

Shares of SUI stock traded up $0.07 on Tuesday, hitting $127.07. 212,075 shares of the stock were exchanged, compared to its average volume of 825,620. The business has a 50-day moving average of $130.66 and a 200 day moving average of $127.97. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The firm has a market capitalization of $16.19 billion, a P/E ratio of 68.28, a price-to-earnings-growth ratio of 0.53 and a beta of 0.89. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

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

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.96%. Sun Communities's dividend payout ratio (DPR) is presently 202.15%.

Analysts Set New Price Targets

Several equities analysts have commented on SUI shares. Bank of America downgraded shares of Sun Communities from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. Baird R W lowered Sun Communities from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. BMO Capital Markets lowered their price target on Sun Communities from $145.00 to $138.00 and set an "outperform" rating on the stock in a report on Thursday, November 7th. Robert W. Baird downgraded shares of Sun Communities from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a report on Thursday, October 17th. They issued a "buy" rating and a $160.00 target price on the stock. 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. Based on data from MarketBeat, Sun Communities currently has an average rating of "Hold" and a consensus price target 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.