KLP Kapitalforvaltning AS Takes $5.29 Million Position in Sun Communities, Inc. (NYSE:SUI)

KLP Kapitalforvaltning AS purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the fourth quarter, Holdings Channel.com reports. The fund purchased 42,700 shares of the real estate investment trust’s stock, valued at approximately $5,285,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC raised its position 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 period. Daiwa Securities Group Inc. boosted its position in Sun Communities by 23.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock worth $288,244,000 after purchasing an additional 442,557 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in 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 valued at $178,868,000 after purchasing an additional 1,209,522 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Sun Communities by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock valued at $138,149,000 after purchasing an additional 47,899 shares during the period. Finally, Sei Investments Co. increased its position in shares of Sun Communities by 26.7% in the fourth quarter. Sei Investments Co. now owns 819,369 shares of the real estate investment trust’s stock valued at $100,758,000 after buying an additional 172,924 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Trading Down 1.7 %

Shares of Sun Communities stock opened at $128.18 on Wednesday. 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 stock’s 50 day simple moving average is $128.53 and its 200-day simple moving average is $129.27. The stock has a market cap of $16.35 billion, a P/E ratio of 68.91 and a beta of 0.90. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share 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 company had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. Analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s payout ratio is currently 508.11%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Truist Financial lifted their target price on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Jefferies Financial Group reduced their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $136.60.

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.