Sun Communities, Inc. (NYSE:SUI) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 77,203 shares of the real estate investment trust's stock after buying an additional 5,008 shares during the quarter. Victory Capital Management Inc. owned approximately 0.06% of Sun Communities worth $10,434,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Assetmark Inc. increased its holdings in Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust's stock valued at $27,000 after buying an additional 190 shares during the last quarter. Quest Partners LLC boosted its position in shares of Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust's stock valued at $46,000 after purchasing an additional 381 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in Sun Communities in the second quarter valued at approximately $62,000. Farther Finance Advisors LLC boosted its holdings in shares of Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust's stock valued at $68,000 after acquiring an additional 236 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Sun Communities by 230.7% during the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust's stock worth $84,000 after acquiring an additional 436 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Trading Down 0.3 %

NYSE:SUI opened at $126.23 on Thursday. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a fifty day simple moving average of $133.24 and a 200-day simple moving average of $127.33. The company has a market capitalization of $16.08 billion, a PE ratio of 67.87, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) 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 business had revenue of $939.90 million during the quarter, compared to analysts' expectations of $980.41 million. During the same period last year, the company earned $2.57 EPS. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. On average, equities research analysts expect that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.98%. Sun Communities's dividend payout ratio (DPR) is 202.15%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Bank of America downgraded shares of Sun Communities from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. Evercore ISI upped their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the stock an "in-line" rating in a research report on Monday, October 21st. Truist Financial boosted their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a "hold" rating in a research note on Tuesday, August 13th. Robert W. Baird downgraded shares of Sun Communities from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $145.00 to $126.00 in a research report on Thursday, November 7th. Finally, Baird R W cut Sun Communities from a "strong-buy" rating to a "hold" rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $139.08.

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.