National Pension Service Lowers Stake in Sun Communities, Inc. (NYSE:SUI)

National Pension Service lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 9.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 192,737 shares of the real estate investment trust’s stock after selling 21,257 shares during the period. National Pension Service owned approximately 0.15% of Sun Communities worth $23,701,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SUI. Assetmark Inc. boosted its position in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares during the period. Brooklyn Investment Group purchased a new position in Sun Communities in the 3rd quarter valued at approximately $41,000. CKW Financial Group boosted its position in Sun Communities by 45.0% in the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 135 shares during the period. Point72 Hong Kong Ltd purchased a new position in Sun Communities in the 3rd quarter valued at approximately $60,000. Finally, Farther Finance Advisors LLC boosted its position in Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 236 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $136.29 on Friday. The company’s fifty day moving average price is $125.82 and its 200 day moving average price is $129.61. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. 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 announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $724.68 million. As a group, sell-side analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 annualized dividend and a yield of 2.76%. Sun Communities’s dividend payout ratio is currently 508.11%.

Wall Street Analyst Weigh In

Several equities analysts have commented on SUI shares. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. Truist Financial raised shares of Sun Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. BMO Capital Markets decreased their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Wells Fargo & Company reduced their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Finally, Jefferies Financial Group reduced their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $134.55.

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.