Land & Buildings Investment Management LLC Decreases Stock Position in Sun Communities, Inc. (NYSE:SUI)

Land & Buildings Investment Management LLC cut its stake in Sun Communities, Inc. (NYSE:SUI) by 30.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 158,132 shares of the real estate investment trust’s stock after selling 69,810 shares during the period. Sun Communities comprises about 3.9% of Land & Buildings Investment Management LLC’s holdings, making the stock its 14th largest holding. Land & Buildings Investment Management LLC’s holdings in Sun Communities were worth $19,445,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SUI. Aster Capital Management DIFC Ltd lifted its holdings in Sun Communities by 263.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust’s stock worth $39,000 after buying an additional 232 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 124 shares during the last quarter. CKW Financial Group lifted its holdings in Sun Communities by 45.0% during the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 135 shares during the last quarter. Natixis purchased a new stake in Sun Communities during the 4th quarter worth about $90,000. Finally, Quadrant Capital Group LLC lifted its holdings in Sun Communities by 17.2% during the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock worth $103,000 after buying an additional 123 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Up 1.6%

Shares of NYSE SUI opened at $125.53 on Monday. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The company has a market cap of $16.02 billion, a P/E ratio of 67.49 and a beta of 0.86. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a fifty day moving average price of $126.09 and a 200 day moving average price of $126.27.

Sun Communities (NYSE:SUI) last announced its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.08. The company had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company’s revenue was up .2% on a year-over-year basis. During the same period last year, the firm earned $1.19 earnings per share. Research analysts anticipate 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 was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. Sun Communities’s payout ratio is 606.45%.

Analysts Set New Price Targets

A number of analysts have issued reports on SUI shares. Jefferies Financial Group started coverage on Sun Communities in a report on Tuesday, April 8th. They set a “buy” rating and a $150.00 price target for the company. Royal Bank of Canada reduced their target price on Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. JMP Securities reissued a “market outperform” rating and issued a $140.00 target price (down from $150.00) on shares of Sun Communities in a report on Monday, April 21st. Truist Financial reduced their target price on Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, Robert W. Baird reduced their target price on Sun Communities from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Thursday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $136.90.

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.