Oppenheimer Asset Management Inc. Lowers Position in Sun Communities, Inc. (NYSE:SUI)

Oppenheimer Asset Management Inc. trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 3.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,090 shares of the real estate investment trust’s stock after selling 1,581 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Sun Communities were worth $5,668,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Assetmark Inc. increased its position in shares of Sun Communities by 2,111.1% during the third 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 purchased a new stake in shares of Sun Communities during the third quarter valued at approximately $41,000. CKW Financial Group increased its position 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 valued at $53,000 after acquiring an additional 135 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Sun Communities during the third quarter valued at approximately $60,000. Finally, Farther Finance Advisors LLC increased its position in shares of Sun Communities by 89.1% during 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 last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Sun Communities stock opened at $136.29 on Friday. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The business has a fifty day moving average price of $125.82 and a 200-day moving average price of $129.62. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market capitalization of $17.36 billion, a P/E ratio of 73.27 and a beta of 0.90.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. As a group, equities research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.94 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.76%. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. UBS Group downgraded Sun Communities from a “buy” rating to a “neutral” rating and decreased their price target for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Bank of America lowered Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. Robert W. Baird lowered 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 report on Thursday, November 7th. Wells Fargo & Company reduced their price objective on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Finally, StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Sun Communities presently has an average rating of “Hold” and a consensus price target of $134.55.

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.