Sun Communities, Inc. (NYSE:SUI) Stock Position Raised by Cibc World Markets Corp

Cibc World Markets Corp lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 40,472 shares of the real estate investment trust's stock after acquiring an additional 2,239 shares during the quarter. Cibc World Markets Corp's holdings in Sun Communities were worth $4,977,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SUI. Assetmark Inc. increased its position in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust's stock valued at $27,000 after purchasing an additional 190 shares during the period. Victory Capital Management Inc. grew its holdings in Sun Communities by 6.9% during the third quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust's stock worth $10,434,000 after acquiring an additional 5,008 shares during the period. CIBC Asset Management Inc raised its position in Sun Communities by 5.5% in the third quarter. CIBC Asset Management Inc now owns 4,401 shares of the real estate investment trust's stock worth $595,000 after acquiring an additional 228 shares in the last quarter. Mutual of America Capital Management LLC lifted its holdings in Sun Communities by 58.2% in the 3rd quarter. Mutual of America Capital Management LLC now owns 17,679 shares of the real estate investment trust's stock valued at $2,389,000 after acquiring an additional 6,506 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in shares of Sun Communities by 28.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 82,686 shares of the real estate investment trust's stock valued at $11,175,000 after purchasing an additional 18,548 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

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Sun Communities Stock Down 0.4 %

Shares of SUI stock traded down $0.56 on Monday, reaching $130.42. 616,880 shares of the company's stock traded hands, compared to its average volume of 795,600. The company has a market capitalization of $16.64 billion, a P/E ratio of 70.12 and a beta of 0.90. 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 quick ratio of 1.61 and a current ratio of 1.61. The business's 50 day moving average price is $128.23 and its two-hundred day moving average price is $129.41.

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

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities's dividend payout ratio (DPR) is currently 508.11%.

Analyst Ratings Changes

A number of research firms recently commented on SUI. Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Wells Fargo & Company dropped 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 Sun Communities from $136.00 to $142.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Finally, Jefferies Financial Group decreased their target price on Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $136.60.

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.