Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 8.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 171,513 shares of the real estate investment trust's stock after acquiring an additional 13,619 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.13% of Sun Communities worth $21,391,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in SUI. Smartleaf Asset Management LLC lifted its stake in shares of Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 124 shares during the last quarter. CKW Financial Group lifted its position in shares of Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock valued at $53,000 after buying an additional 135 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Sun Communities in the 3rd quarter valued at about $60,000. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Sun Communities by 8.5% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust's stock worth $131,000 after buying an additional 84 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Sun Communities by 86.2% during the 4th quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust's stock worth $157,000 after acquiring an additional 539 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms have issued reports on SUI. Jefferies Financial Group cut their price target on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, January 2nd. Truist Financial boosted their target price on Sun Communities from $136.00 to $142.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Wells Fargo & Company lowered their price target on Sun Communities from $154.00 to $135.00 and set an "equal weight" rating for the company in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $136.60.
Read Our Latest Analysis on Sun Communities
Sun Communities Stock Performance
Sun Communities stock traded down $5.64 during trading hours on Friday, hitting $124.43. 761,159 shares of the stock traded hands, compared to its average volume of 827,869. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The stock has a market capitalization of $15.88 billion, a price-to-earnings ratio of 66.90 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. The firm's 50 day moving average price is $129.04 and its 200-day moving average price is $128.63.
Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. As a group, equities analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.
Sun Communities Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.02%. Sun Communities's dividend payout ratio (DPR) is presently 508.11%.
Sun Communities Company Profile
(
Free Report)
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.
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