Korea Investment CORP Increases Stock Position in Sun Communities, Inc. (NYSE:SUI)

Korea Investment CORP lifted its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 116,618 shares of the real estate investment trust's stock after buying an additional 5,500 shares during the period. Korea Investment CORP owned approximately 0.09% of Sun Communities worth $14,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Legacy Trust purchased a new position in shares of Sun Communities during the 4th quarter worth $625,000. Aurora Investment Managers LLC. raised its stake in Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust's stock worth $3,380,000 after acquiring an additional 2,435 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock worth $95,885,000 after acquiring an additional 108,054 shares during the period. VCI Wealth Management LLC bought a new position in shares of Sun Communities in the fourth quarter worth approximately $1,312,000. Finally, Vert Asset Management LLC increased its stake in shares of Sun Communities by 9.9% in the fourth quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust's stock worth $6,897,000 after purchasing an additional 5,060 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

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Analysts Set New Price Targets

SUI has been the subject of several recent analyst reports. Jefferies Financial Group dropped their target price on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating for the company in a report on Thursday, January 2nd. Wells Fargo & Company lowered their price target on Sun Communities from $154.00 to $135.00 and set an "equal weight" rating on the stock in a report on Wednesday, December 11th. Truist Financial increased their price objective on shares of Sun Communities from $136.00 to $142.00 and gave the company a "buy" rating in a report on Monday, March 10th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $136.60.

Sun Communities Trading Up 0.9 %

Shares of NYSE:SUI traded up $1.21 during trading hours on Thursday, hitting $130.14. 333,988 shares of the company's stock traded hands, compared to its average volume of 823,721. The firm has a market capitalization of $16.60 billion, a P/E ratio of 69.97 and a beta of 0.90. The business has a fifty day moving average price of $129.02 and a 200-day moving average price of $128.77. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year 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.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million during the quarter, compared to analysts' expectations of $724.68 million. Equities analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed 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 of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.89%. Sun Communities's payout ratio is 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.