Sun Communities, Inc. (NYSE:SUI) Stock Position Raised by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lifted its position in Sun Communities, Inc. (NYSE:SUI) by 278.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,278 shares of the real estate investment trust’s stock after acquiring an additional 15,653 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Sun Communities were worth $2,617,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Assetmark Inc. lifted its position in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 190 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Sun Communities in the 3rd quarter valued at approximately $41,000. Smartleaf Asset Management LLC lifted its position 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 valued at $49,000 after acquiring an additional 124 shares in the last quarter. CKW Financial Group lifted its position 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 valued at $53,000 after acquiring an additional 135 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Sun Communities in the 3rd quarter valued at approximately $60,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on SUI shares. Jefferies Financial Group reduced their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Wells Fargo & Company dropped their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Truist Financial upped their price objective on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $135.55.

Sun Communities Stock Performance

NYSE:SUI opened at $131.65 on Thursday. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The firm’s fifty day simple moving average is $127.85 and its 200 day simple moving average is $129.51. 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 firm has a market capitalization of $16.77 billion, a PE ratio of 70.78 and a beta of 0.90.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results 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. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. On average, sell-side analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s payout ratio is 508.11%.

Sun Communities Company 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.