Royal Bank of Canada Sells 16,200 Shares of Sun Communities, Inc. (NYSE:SUI)

Royal Bank of Canada cut its position in shares of Sun Communities, Inc. (NYSE:SUI) by 5.4% during the 4th quarter, HoldingsChannel reports. The firm owned 283,858 shares of the real estate investment trust’s stock after selling 16,200 shares during the period. Royal Bank of Canada’s holdings in Sun Communities were worth $34,906,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd boosted its position in shares of Sun Communities by 263.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 232 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 124 shares during the last quarter. CKW Financial Group raised its stake in Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 135 shares during the last quarter. Natixis purchased a new position in Sun Communities during the fourth quarter valued at $90,000. Finally, Quadrant Capital Group LLC raised its stake in Sun Communities by 17.2% during the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 123 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SUI has been the subject of a number of recent research reports. Robert W. Baird lowered their price objective on Sun Communities from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Bank of America lifted their price objective on Sun Communities from $124.00 to $132.00 and gave the company an “underperform” rating in a research note on Monday, May 12th. JMP Securities reiterated a “market outperform” rating and set a $140.00 price objective on shares of Sun Communities in a research note on Tuesday. Truist Financial decreased their price target on Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Finally, Jefferies Financial Group started coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $138.70.

Sun Communities Stock Down 1.6%

Sun Communities stock opened at $118.98 on Friday. The stock has a market cap of $15.19 billion, a PE ratio of 63.97 and a beta of 0.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The stock has a fifty day moving average of $124.62 and a 200 day moving average of $125.76.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.08. The company had revenue of $470.20 million during the quarter, compared to analysts’ expectations of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Sun Communities’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.19 earnings per share. As a group, sell-side analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.16%. Sun Communities’s dividend payout ratio (DPR) is presently 606.45%.

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.