Y Intercept Hong Kong Ltd Raises Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Y Intercept Hong Kong Ltd boosted its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 84.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,806 shares of the real estate investment trust's stock after purchasing an additional 5,861 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Sun Communities were worth $1,731,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in SUI. FMR LLC raised its holdings in shares of Sun Communities by 37.6% in the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust's stock worth $707,329,000 after acquiring an additional 1,430,630 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Sun Communities by 1,061.4% in the third 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 worth $178,868,000 after acquiring an additional 1,209,522 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust's stock worth $264,253,000 after acquiring an additional 424,842 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Sun Communities by 58.8% in the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust's stock worth $129,728,000 after acquiring an additional 355,427 shares during the last quarter. Finally, Adelante Capital Management LLC raised its holdings in shares of Sun Communities by 168.7% in the third quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust's stock worth $75,566,000 after acquiring an additional 351,017 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SUI shares. UBS Group cut Sun Communities from a "buy" rating to a "neutral" rating and cut their price target for the stock from $155.00 to $134.00 in a report on Thursday, November 14th. Bank of America lowered Sun Communities from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Robert W. Baird lowered Sun Communities from an "outperform" rating to a "neutral" rating and dropped their target price for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. Royal Bank of Canada dropped their target price 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. Finally, Truist Financial dropped their target price on Sun Communities from $138.00 to $131.00 and set a "hold" rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $137.08.

Sun Communities Stock Down 1.4 %

Shares of NYSE SUI traded down $1.66 on Wednesday, hitting $121.18. The company had a trading volume of 817,882 shares, compared to its average volume of 828,292. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The business has a 50 day moving average of $129.13 and a two-hundred day moving average of $128.11. 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 firm has a market capitalization of $15.44 billion, a P/E ratio of 65.15, a PEG ratio of 0.52 and a beta of 0.88.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts' consensus estimates of $2.51 by ($0.20). The business had revenue of $939.90 million during the quarter, compared to analysts' expectations of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company's revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.57 EPS. As a group, equities research analysts forecast that Sun Communities, Inc. will post 6.78 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 Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Tuesday, December 31st. Sun Communities's dividend payout ratio is currently 202.15%.

Sun Communities 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.