Verition Fund Management LLC Lowers Stock Position in Sun Communities, Inc. (NYSE:SUI)

Verition Fund Management LLC trimmed its position in Sun Communities, Inc. (NYSE:SUI) by 39.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 58,815 shares of the real estate investment trust’s stock after selling 38,430 shares during the quarter. Verition Fund Management LLC’s holdings in Sun Communities were worth $7,949,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC boosted 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 purchasing an additional 1,430,630 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Sun Communities by 3.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock worth $354,986,000 after buying an additional 111,569 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Sun Communities by 24.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after acquiring an additional 424,842 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Sun Communities by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock valued at $214,752,000 after acquiring an additional 10,592 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of 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 acquiring an additional 1,209,522 shares in the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Down 1.7 %

Shares of NYSE:SUI opened at $126.33 on Monday. The firm has a market capitalization of $16.09 billion, a PE ratio of 67.92, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91. The business has a 50 day simple moving average of $130.92 and a two-hundred day simple moving average of $127.93. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year 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.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). The firm had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the company earned $2.57 EPS. On average, equities analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date was Monday, September 30th. Sun Communities’s payout ratio is currently 202.15%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Evercore ISI lifted their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. UBS Group cut shares of Sun Communities from a “buy” rating to a “neutral” rating and cut their target price for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Finally, Truist Financial boosted their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Sun Communities has an average rating of “Hold” and an average price target of $139.08.

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.