Victory Capital Management Inc. Sells 2,298 Shares of Sun Communities, Inc. (NYSE:SUI)

Victory Capital Management Inc. cut its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 3.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 74,905 shares of the real estate investment trust's stock after selling 2,298 shares during the quarter. Victory Capital Management Inc. owned 0.06% of Sun Communities worth $9,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Assetmark Inc. lifted its stake in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust's stock valued at $27,000 after acquiring an additional 190 shares during the last quarter. Brooklyn Investment Group bought a new position in Sun Communities in the third quarter valued at about $41,000. Smartleaf Asset Management LLC boosted its stake in shares of Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 124 shares in the last quarter. CKW Financial Group grew its holdings in shares of Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 135 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Sun Communities in the third quarter valued at approximately $60,000. Institutional investors own 99.59% of the company's stock.

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Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. StockNews.com lowered shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Wednesday, November 20th. Wells Fargo & Company lowered their target price on Sun Communities from $154.00 to $135.00 and set an "equal weight" rating for the company in a research report on Wednesday, December 11th. Jefferies Financial Group reduced their price target on 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 objective on Sun Communities from $136.00 to $142.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Finally, Royal Bank of Canada reissued an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $135.55.

Sun Communities Stock Up 2.8 %

Shares of SUI stock traded up $3.65 on Monday, reaching $131.79. 969,900 shares of the company were exchanged, compared to its average volume of 789,278. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The company has a market cap of $16.79 billion, a price-to-earnings ratio of 70.85 and a beta of 0.90. The company has a 50-day moving average of $127.27 and a 200-day moving average of $129.52. 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 (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently declared 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 of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.85%. Sun Communities's dividend payout ratio (DPR) is currently 508.11%.

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.