OVERSEA CHINESE BANKING Corp Ltd Grows Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 278.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,278 shares of the real estate investment trust's stock after purchasing an additional 15,653 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Sun Communities were worth $2,617,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SUI. FMR LLC increased its holdings in shares of Sun Communities by 37.6% during the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust's stock worth $707,329,000 after buying an additional 1,430,630 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Sun Communities by 1,061.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust's stock valued at $178,868,000 after purchasing an additional 1,209,522 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Sun Communities by 23.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust's stock valued at $288,244,000 after purchasing an additional 442,557 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Sun Communities by 58.8% during the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust's stock worth $129,728,000 after purchasing an additional 355,427 shares during the last quarter. Finally, Adelante Capital Management LLC grew its holdings in shares of Sun Communities by 168.7% during the third quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust's stock worth $75,566,000 after purchasing an additional 351,017 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

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Sun Communities Trading Down 0.4 %

Shares of NYSE:SUI traded down $0.56 during midday trading on Monday, reaching $130.42. The company's stock had a trading volume of 616,880 shares, compared to its average volume of 795,600. The firm has a 50 day moving average price of $128.23 and a two-hundred day moving average price of $129.41. 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 $16.64 billion, a price-to-earnings ratio of 70.12 and a beta of 0.90. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.02. The firm 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%. As a group, analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 2.88%. Sun Communities's dividend payout ratio is 508.11%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Truist Financial lifted their target price on shares of Sun Communities from $136.00 to $142.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Wells Fargo & Company cut their price target on shares of Sun Communities from $154.00 to $135.00 and set an "equal weight" rating on the stock in a report on Wednesday, December 11th. Jefferies Financial Group reduced their price objective on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, January 2nd. Finally, Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $136.60.

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.