Wells Fargo & Company MN Cuts Stock Position in Sun Communities, Inc. (NYSE:SUI)

Wells Fargo & Company MN lessened its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 12.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 239,311 shares of the real estate investment trust's stock after selling 35,590 shares during the quarter. Wells Fargo & Company MN owned approximately 0.19% of Sun Communities worth $29,428,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Quantinno Capital Management LP raised its stake in shares of Sun Communities by 22.0% during the third quarter. Quantinno Capital Management LP now owns 7,695 shares of the real estate investment trust's stock valued at $1,040,000 after acquiring an additional 1,390 shares in the last quarter. Vestcor Inc increased its holdings in Sun Communities by 36.9% during the 3rd quarter. Vestcor Inc now owns 2,915 shares of the real estate investment trust's stock worth $394,000 after purchasing an additional 785 shares during the period. Toronto Dominion Bank increased its holdings in Sun Communities by 31.6% during the 3rd quarter. Toronto Dominion Bank now owns 15,682 shares of the real estate investment trust's stock worth $2,119,000 after purchasing an additional 3,766 shares during the period. Virtu Financial LLC bought a new stake in Sun Communities during the 3rd quarter valued at $1,564,000. Finally, Central Pacific Bank Trust Division lifted its holdings in shares of Sun Communities by 97.2% in the 4th quarter. Central Pacific Bank Trust Division now owns 3,500 shares of the real estate investment trust's stock worth $430,000 after buying an additional 1,725 shares during the period. Institutional investors own 99.59% of the company's stock.

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Sun Communities Stock Performance

SUI stock traded down $0.74 during trading on Tuesday, hitting $122.44. 547,127 shares of the company traded hands, compared to its average volume of 835,043. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The company has a market cap of $15.62 billion, a PE ratio of 65.83 and a beta of 0.84. The stock's 50-day simple moving average is $127.82 and its 200 day simple moving average is $127.38. 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 posted 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. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. On average, equities analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.94 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.07%. Sun Communities's dividend payout ratio is presently 508.11%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SUI. Royal Bank of Canada restated an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective on the stock. Finally, Truist Financial lowered their target price on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Sun Communities presently has a consensus rating of "Hold" and a consensus target price of $136.70.

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.