Sun Communities, Inc. (NYSE:SUI) Shares Purchased by Vestcor Inc

Vestcor Inc raised its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 295.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,539 shares of the real estate investment trust's stock after acquiring an additional 8,624 shares during the quarter. Vestcor Inc's holdings in Sun Communities were worth $1,419,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Sun Communities by 37.6% during the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust's stock valued at $707,329,000 after acquiring an additional 1,430,630 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Sun Communities by 23.3% during the 4th 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 acquiring an additional 442,557 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Sun Communities by 1,061.4% during the 3rd 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 acquiring an additional 1,209,522 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Sun Communities by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust's stock valued at $138,149,000 after acquiring an additional 47,899 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its position in shares of Sun Communities by 58.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust's stock worth $129,728,000 after buying an additional 355,427 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

SUI has been the topic of a number of recent research reports. Jefferies Financial Group reduced their price target on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a research report on Thursday, January 2nd. Truist Financial raised their price target 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. Royal Bank of Canada restated an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. StockNews.com downgraded shares of Sun Communities from a "hold" rating to a "sell" rating in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company reduced 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 research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $135.55.

Sun Communities Stock Performance

Shares of SUI stock traded down $1.19 during trading hours on Wednesday, reaching $131.65. The stock had a trading volume of 883,110 shares, compared to its average volume of 791,070. 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 twelve month low of $110.98 and a twelve month high of $147.83. The firm has a 50-day simple moving average of $127.67 and a 200-day simple moving average of $129.50. The firm has a market capitalization of $16.77 billion, a PE ratio of 70.78 and a beta of 0.90.

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

Sun Communities Dividend Announcement

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. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 2.86%. Sun Communities's payout ratio is 508.11%.

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.