Charles Schwab Investment Management Inc. Boosts Stake in Sun Communities, Inc. (NYSE:SUI)

Charles Schwab Investment Management Inc. lifted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 4.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,123,440 shares of the real estate investment trust’s stock after acquiring an additional 47,899 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.88% of Sun Communities worth $138,149,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Assetmark Inc. boosted its stake in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 190 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Sun Communities during the 3rd quarter worth about $41,000. Smartleaf Asset Management LLC raised its position in shares of Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 124 shares during the last quarter. CKW Financial Group raised its position in shares of Sun Communities by 45.0% during the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 135 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Sun Communities during the 3rd quarter worth about $60,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. UBS Group downgraded shares of Sun Communities from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $155.00 to $134.00 in a research report on Thursday, November 14th. Bank of America downgraded shares of Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. 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 downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company cut their price objective 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $134.55.

Sun Communities Stock Up 1.7 %

Shares of NYSE SUI opened at $133.60 on Friday. The company has a 50 day simple moving average of $126.73 and a 200-day simple moving average of $129.70. The company has a market capitalization of $17.02 billion, a P/E ratio of 71.83 and a beta of 0.90. 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, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping 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 net margin of 7.46% and a return on equity of 3.21%. On average, equities research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

About Sun Communities

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.