Illinois Municipal Retirement Fund Buys 3,619 Shares of Sun Communities, Inc. (NYSE:SUI)

Illinois Municipal Retirement Fund lifted its stake in Sun Communities, Inc. (NYSE:SUI) by 47.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,320 shares of the real estate investment trust’s stock after buying an additional 3,619 shares during the period. Illinois Municipal Retirement Fund’s holdings in Sun Communities were worth $1,392,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. FMR LLC boosted its stake 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 valued at $707,329,000 after buying an additional 1,430,630 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Sun Communities by 1,061.4% during 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 worth $178,868,000 after purchasing an additional 1,209,522 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Sun Communities by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,075,541 shares of the real estate investment trust’s stock worth $145,359,000 after purchasing an additional 3,254 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in Sun Communities by 58.8% during the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock worth $129,728,000 after purchasing an additional 355,427 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Sun Communities by 16.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after purchasing an additional 108,054 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Performance

NYSE SUI opened at $136.29 on Friday. The company has a market capitalization of $17.36 billion, a price-to-earnings ratio of 73.27 and a beta of 0.90. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The stock has a fifty day simple moving average of $125.82 and a 200 day simple moving average of $129.61. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share 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%. Sell-side analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.76%. Sun Communities’s payout ratio is 508.11%.

Wall Street Analyst Weigh In

Several research firms have weighed in on SUI. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Robert W. Baird cut Sun Communities from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. Truist Financial upgraded Sun Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. Baird R W cut Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company dropped their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $134.55.

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.