Pictet Asset Management Holding SA Has $8.30 Million Stock Position in Sun Communities, Inc. (NYSE:SUI)

Pictet Asset Management Holding SA lifted its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,525 shares of the real estate investment trust’s stock after purchasing an additional 288 shares during the period. Pictet Asset Management Holding SA owned 0.05% of Sun Communities worth $8,304,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Townsquare Capital LLC bought a new stake in shares of Sun Communities in the 3rd quarter valued at about $252,000. Public Sector Pension Investment Board boosted its holdings in Sun Communities by 29.5% in the third quarter. Public Sector Pension Investment Board now owns 16,208 shares of the real estate investment trust’s stock valued at $2,191,000 after acquiring an additional 3,690 shares during the last quarter. PEAK6 Investments LLC acquired a new stake in Sun Communities during the 3rd quarter valued at approximately $432,000. Point72 Hong Kong Ltd bought a new position in Sun Communities during the 3rd quarter worth approximately $60,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Sun Communities in the 3rd quarter worth approximately $226,000. Institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

SUI opened at $128.99 on Thursday. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The company has a market cap of $16.46 billion, a price-to-earnings ratio of 69.35 and a beta of 0.90. The company’s fifty day moving average price is $129.02 and its two-hundred day moving average price is $128.77. 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 (NYSE:SUI) last released its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. On average, analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Monday, March 31st. Sun Communities’s payout ratio is currently 508.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SUI shares. Wells Fargo & Company decreased their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Jefferies Financial Group decreased their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Truist Financial upped their target price on Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $136.60.

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.