Vanguard Group Inc. Sells 11,191 Shares of Sun Communities, Inc. (NYSE:SUI)

Vanguard Group Inc. reduced its holdings in Sun Communities, Inc. (NYSE:SUI) by 0.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,543,362 shares of the real estate investment trust’s stock after selling 11,191 shares during the period. Vanguard Group Inc. owned approximately 13.77% of Sun Communities worth $2,157,307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in SUI. Brooklyn Investment Group purchased a new stake in Sun Communities during the 3rd quarter valued at $41,000. Smartleaf Asset Management LLC lifted its holdings in shares of Sun Communities by 45.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 124 shares during the last quarter. CKW Financial Group lifted its holdings in shares of Sun Communities by 45.0% in the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 135 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Sun Communities during the 3rd quarter worth about $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its holdings in Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 84 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Up 1.3 %

NYSE:SUI opened at $129.80 on Thursday. 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 cap of $16.56 billion, a PE ratio of 69.79 and a beta of 0.90. The company has a 50-day moving average of $128.71 and a 200 day moving average of $129.27. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. As a group, 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 will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.90%. Sun Communities’s dividend payout ratio is presently 508.11%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SUI. Wells Fargo & Company dropped their target price on 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. Truist Financial boosted their price objective on Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a report on Monday, March 10th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Jefferies Financial Group decreased their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average 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.