24,200 Shares in Sun Communities, Inc. $SUI Acquired by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board purchased a new stake in Sun Communities, Inc. (NYSE:SUI) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 24,200 shares of the real estate investment trust’s stock, valued at approximately $2,681,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Sun Communities in the 2nd quarter worth $1,649,715,000. Canada Pension Plan Investment Board bought a new stake in shares of Sun Communities during the 2nd quarter valued at about $156,841,000. Legal & General Group Plc bought a new stake in shares of Sun Communities during the 2nd quarter valued at about $122,737,000. Deutsche Bank AG purchased a new position in shares of Sun Communities during the second quarter valued at about $108,430,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Sun Communities during the second quarter valued at about $82,662,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Down 0.9%

Shares of Sun Communities stock opened at $118.12 on Thursday. The stock has a market capitalization of $14.10 billion, a PE ratio of -19.18, a price-to-earnings-growth ratio of 6.04 and a beta of 0.75. Sun Communities, Inc. has a 52-week low of $109.77 and a 52-week high of $137.85. The company has a debt-to-equity ratio of 0.69, a quick ratio of 4.68 and a current ratio of 4.68. The company has a 50-day simple moving average of $115.53 and a two-hundred day simple moving average of $123.18.

Sun Communities (NYSE:SUI) last posted its earnings results on Monday, October 26th. The real estate investment trust reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.05. The business had revenue of $558.20 million during the quarter, compared to analyst estimates of $563.59 million. Sun Communities had a positive return on equity of 5.02% and a negative net margin of 36.00%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the company earned $2.28 EPS. On average, analysts anticipate that Sun Communities, Inc. will post 7.03 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $1.12 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.8%. Sun Communities’s dividend payout ratio is -72.73%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Robert W. Baird decreased their price target on shares of Sun Communities from $138.00 to $131.00 and set a “neutral” rating for the company in a research note on Tuesday. Jefferies Financial Group raised Sun Communities to a “strong-buy” rating in a research report on Wednesday, July 22nd. Barclays cut their price objective on Sun Communities from $147.00 to $143.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 14th. Mizuho reduced their target price on Sun Communities from $137.00 to $136.00 and set an “outperform” rating on the stock in a report on Monday, September 21st. Finally, Truist Financial decreased their target price on Sun Communities from $136.00 to $129.00 and set a “buy” rating for the company in a research report on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sun Communities currently has an average rating of “Moderate Buy” and a consensus target price of $135.65.

About Sun Communities

Sun Communities, Inc. is a real estate investment trust that owns and operates manufactured housing communities, recreational vehicle (RV) communities and resorts, and marinas. Its properties serve long-term residents as well as vacationers and boaters, with offerings that include home sites, RV accommodations, boat slips and related amenities. Founded in 1975, the company has expanded beyond its original manufactured housing business through acquisitions and development. Its portfolio spans the United States, Canada and the United Kingdom.