Sun Communities, Inc. (NYSE:SUI) Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC cut its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 2.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,094 shares of the real estate investment trust’s stock after selling 815 shares during the quarter. DAVENPORT & Co LLC’s holdings in Sun Communities were worth $3,823,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SUI. Northwestern Mutual Wealth Management Co. lifted its holdings in Sun Communities by 15.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock worth $92,000 after buying an additional 102 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Sun Communities during the 2nd quarter worth approximately $346,000. Handelsbanken Fonder AB lifted its holdings in Sun Communities by 12.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 33,116 shares of the real estate investment trust’s stock worth $4,476,000 after buying an additional 3,600 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Sun Communities by 30.2% in the 3rd quarter. GAMMA Investing LLC now owns 827 shares of the real estate investment trust’s stock valued at $112,000 after purchasing an additional 192 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Sun Communities by 600.0% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 700 shares of the real estate investment trust’s stock valued at $95,000 after purchasing an additional 600 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SUI. Bank of America lowered shares of Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. Jefferies Financial Group reduced their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. BMO Capital Markets reduced their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Finally, UBS Group downgraded shares of Sun Communities from a “buy” rating to a “neutral” rating and dropped their target price for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Sun Communities presently has an average rating of “Hold” and a consensus target price of $134.55.

Sun Communities Trading Up 0.1 %

Shares of Sun Communities stock opened at $126.63 on Tuesday. 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 quick ratio of 1.61 and a current ratio of 1.61. The company has a market capitalization of $16.13 billion, a P/E ratio of 68.08 and a beta of 0.89. The company’s fifty day moving average is $124.54 and its two-hundred day moving average is $129.63.

Sun Communities (NYSE:SUI) last issued 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). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. During the same period in the previous year, the business posted $2.57 earnings per share. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. Analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Tuesday, December 31st. Sun Communities’s payout ratio is 202.15%.

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.