Commonwealth of Pennsylvania Public School Empls Retrmt SYS Boosts Stake in Sun Communities, Inc. (NYSE:SUI)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Sun Communities, Inc. (NYSE:SUI) by 86.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,122 shares of the real estate investment trust’s stock after purchasing an additional 18,547 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Sun Communities were worth $4,934,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legacy Trust purchased a new stake in shares of Sun Communities in the 4th quarter worth $625,000. Aurora Investment Managers LLC. boosted its holdings in Sun Communities by 9.7% in the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock worth $3,380,000 after buying an additional 2,435 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Sun Communities by 16.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after buying an additional 108,054 shares during the period. VCI Wealth Management LLC bought a new position in Sun Communities in the 4th quarter worth $1,312,000. Finally, FMR LLC boosted its holdings in Sun Communities by 37.6% in the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after buying an additional 1,430,630 shares during the period. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Jefferies Financial Group dropped their target price on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Wells Fargo & Company dropped their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Finally, Truist Financial increased their price objective on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a report on Monday, March 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $136.60.

Sun Communities Stock Performance

Sun Communities stock opened at $131.00 on Friday. The firm has a market capitalization of $16.69 billion, a P/E ratio of 70.43 and a beta of 0.90. The company’s 50-day moving average is $128.23 and its 200 day moving average is $129.46. 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 issued its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

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.