Sun Communities, Inc. (NYSE:SUI) Shares Sold by Employees Retirement System of Texas

Employees Retirement System of Texas decreased its position in shares of Sun Communities, Inc. (NYSE:SUI) by 6.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 45,000 shares of the real estate investment trust’s stock after selling 3,000 shares during the period. Employees Retirement System of Texas’ holdings in Sun Communities were worth $5,534,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of SUI. Legacy Trust purchased a new stake in Sun Communities during the fourth quarter worth $625,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Sun Communities by 16.1% during 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 last quarter. VCI Wealth Management LLC purchased a new stake in shares of Sun Communities in the 4th quarter worth about $1,312,000. Vert Asset Management LLC boosted its position in shares of Sun Communities by 9.9% in the 4th quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust’s stock worth $6,897,000 after buying an additional 5,060 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in 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 during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Trading Up 0.8%

SUI stock opened at $119.95 on Monday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The company has a market cap of $15.31 billion, a price-to-earnings ratio of 64.49 and a beta of 0.86. The business has a fifty day simple moving average of $124.37 and a 200-day simple moving average of $125.64. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83.

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

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities’s payout ratio is currently 606.45%.

Analyst Upgrades and Downgrades

SUI has been the subject of a number of research reports. Truist Financial cut their target price on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Jefferies Financial Group started coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They set a “buy” rating and a $150.00 price objective for the company. Bank of America upped their target price 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 target price on shares of Sun Communities in a report on Tuesday, May 20th. Finally, Royal Bank of Canada cut their price target on Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $138.70.

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.