Entropy Technologies LP Acquires 3,903 Shares of Sun Communities, Inc. (NYSE:SUI)

Entropy Technologies LP increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 44.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,685 shares of the real estate investment trust’s stock after acquiring an additional 3,903 shares during the quarter. Entropy Technologies LP’s holdings in Sun Communities were worth $1,714,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Los Angeles Capital Management LLC raised its stake in shares of Sun Communities by 173.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 150,174 shares of the real estate investment trust’s stock worth $20,296,000 after purchasing an additional 95,303 shares during the period. Assetmark Inc. increased its holdings in Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 190 shares during the last quarter. Harvest Portfolios Group Inc. raised its position in Sun Communities by 16.5% in the third quarter. Harvest Portfolios Group Inc. now owns 32,806 shares of the real estate investment trust’s stock worth $4,434,000 after acquiring an additional 4,639 shares during the period. Global Wealth Management Investment Advisory Inc. boosted its stake in Sun Communities by 12.3% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 4,189 shares of the real estate investment trust’s stock valued at $566,000 after acquiring an additional 458 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Sun Communities by 10.8% during the 3rd quarter. Van ECK Associates Corp now owns 56,904 shares of the real estate investment trust’s stock valued at $7,913,000 after acquiring an additional 5,547 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $124.18 on Wednesday. The company has a 50 day moving average of $135.16 and a 200 day moving average of $126.95. 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 stock has a market cap of $15.82 billion, a P/E ratio of 66.76, a P/E/G ratio of 0.98 and a beta of 0.91. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. During the same quarter last year, the firm earned $2.57 earnings per share. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, sell-side analysts forecast that Sun Communities, Inc. will post 6.76 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 3.03%. Sun Communities’s payout ratio is currently 202.15%.

Wall Street Analyst Weigh In

SUI has been the topic of a number of research reports. Royal Bank of Canada lowered their price target on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. BMO Capital Markets cut their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. UBS Group upgraded Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company increased their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $139.50.

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.