Geode Capital Management LLC Sells 55,065 Shares of Sun Communities, Inc. (NYSE:SUI)

Geode Capital Management LLC trimmed its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 2.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,094,327 shares of the real estate investment trust's stock after selling 55,065 shares during the period. Geode Capital Management LLC owned approximately 1.64% of Sun Communities worth $282,389,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Sun Communities by 10.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,944 shares of the real estate investment trust's stock worth $1,558,000 after acquiring an additional 1,246 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Sun Communities by 6.8% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 702,815 shares of the real estate investment trust's stock valued at $84,577,000 after purchasing an additional 44,686 shares in the last quarter. TCW Group Inc. increased its stake in shares of Sun Communities by 34.0% in the 2nd quarter. TCW Group Inc. now owns 15,190 shares of the real estate investment trust's stock valued at $1,828,000 after purchasing an additional 3,854 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Sun Communities by 2.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 44,974 shares of the real estate investment trust's stock worth $5,454,000 after buying an additional 932 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Sun Communities by 2.8% during the 2nd quarter. Fifth Third Bancorp now owns 5,179 shares of the real estate investment trust's stock worth $623,000 after buying an additional 142 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Sun Communities Trading Down 0.8 %

NYSE SUI traded down $1.00 on Friday, reaching $122.20. The company had a trading volume of 472,600 shares, compared to its average volume of 743,169. The firm has a market cap of $15.57 billion, a price-to-earnings ratio of 65.70, a P/E/G ratio of 0.51 and a beta of 0.88. 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, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The business has a 50 day moving average of $128.82 and a two-hundred day moving average of $128.29.

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 earnings per share 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 during the quarter, compared to analyst estimates of $980.41 million. During the same period in the previous year, the company posted $2.57 EPS. The company's quarterly revenue was down 4.4% on a year-over-year basis. Analysts forecast that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 annualized dividend and a yield of 3.08%. Sun Communities's payout ratio is 202.15%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SUI. BMO Capital Markets decreased their target price on Sun Communities from $145.00 to $138.00 and set an "outperform" rating on the stock in a research report on Thursday, November 7th. Royal Bank of Canada reduced their price target on shares of Sun Communities from $147.00 to $135.00 and set an "outperform" rating on the stock in a research note on Thursday, November 7th. Bank of America downgraded shares of Sun Communities from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Baird R W cut shares of Sun Communities from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. Finally, Truist Financial decreased their target price on shares of Sun Communities from $138.00 to $131.00 and set a "hold" rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $137.08.

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.