Westfield Capital Management Co. LP Acquires 355,427 Shares of Sun Communities, Inc. (NYSE:SUI)

Westfield Capital Management Co. LP increased its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 58.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 959,879 shares of the real estate investment trust's stock after purchasing an additional 355,427 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.77% of Sun Communities worth $129,728,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Assetmark Inc. grew its stake 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 worth $27,000 after purchasing an additional 190 shares in the last quarter. Quest Partners LLC grew its stake in Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust's stock worth $46,000 after purchasing an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Sun Communities in the second quarter worth approximately $62,000. Farther Finance Advisors LLC grew its stake in 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 worth $68,000 after purchasing an additional 236 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust's stock worth $84,000 after purchasing an additional 436 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Trading Down 0.8 %

SUI stock opened at $127.46 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The stock has a market cap of $16.24 billion, a price-to-earnings ratio of 68.53, a PEG ratio of 0.54 and a beta of 0.91. The business's 50-day moving average is $132.51 and its 200 day moving average is $127.49.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings data 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 return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the previous year, the firm posted $2.57 earnings per share. The company's quarterly revenue was down 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.95%. The ex-dividend date was Monday, September 30th. Sun Communities's payout ratio is 202.15%.

Analyst Upgrades and Downgrades

SUI has been the topic of several research analyst reports. Robert W. Baird cut Sun Communities from an "outperform" rating to a "neutral" rating and dropped their price objective for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price objective on Sun Communities from $123.00 to $154.00 and gave the company an "equal weight" rating in a research note on Thursday, September 19th. StockNews.com lowered Sun Communities from a "hold" rating to a "sell" rating in a research note on Wednesday. Baird R W lowered Sun Communities from a "strong-buy" rating to a "hold" rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada reduced their price objective on Sun Communities from $147.00 to $135.00 and set an "outperform" rating for the company in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Sun Communities currently has a consensus rating of "Hold" and a consensus price target 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.

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