Adelante Capital Management LLC Sells 399,982 Shares of Sun Communities, Inc. (NYSE:SUI)

Adelante Capital Management LLC trimmed its holdings in Sun Communities, Inc. (NYSE:SUI) by 71.5% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 159,147 shares of the real estate investment trust’s stock after selling 399,982 shares during the quarter. Sun Communities comprises approximately 1.2% of Adelante Capital Management LLC’s portfolio, making the stock its 23rd biggest position. Adelante Capital Management LLC’s holdings in Sun Communities were worth $19,571,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SUI. Virtu Financial LLC bought a new stake in Sun Communities in the 3rd quarter worth about $1,564,000. Central Pacific Bank Trust Division increased its holdings in Sun Communities by 97.2% in the 4th quarter. Central Pacific Bank Trust Division now owns 3,500 shares of the real estate investment trust’s stock worth $430,000 after buying an additional 1,725 shares in the last quarter. Nordea Investment Management AB increased its holdings in Sun Communities by 7.7% in the 4th quarter. Nordea Investment Management AB now owns 10,633 shares of the real estate investment trust’s stock worth $1,307,000 after buying an additional 756 shares in the last quarter. First Hawaiian Bank increased its holdings in Sun Communities by 29.4% in the 4th quarter. First Hawaiian Bank now owns 22,440 shares of the real estate investment trust’s stock worth $2,759,000 after buying an additional 5,100 shares in the last quarter. Finally, Park Avenue Securities LLC increased its holdings in Sun Communities by 4.4% in the 4th quarter. Park Avenue Securities LLC now owns 4,811 shares of the real estate investment trust’s stock worth $592,000 after buying an additional 203 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Up 0.1 %

NYSE SUI opened at $123.42 on Wednesday. The stock has a 50 day moving average price of $127.13 and a 200-day moving average price of $126.82. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The company has a market capitalization of $15.75 billion, a P/E ratio of 66.35 and a beta of 0.84.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. As a group, equities analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.94 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.05%. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SUI shares. Jefferies Financial Group started coverage on Sun Communities in a research note on Tuesday, April 8th. They set a “buy” rating and a $150.00 price target for the company. JMP Securities restated a “market outperform” rating and set a $140.00 price target (down from $150.00) on shares of Sun Communities in a research note on Monday, April 21st. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Truist Financial cut 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $135.70.

Sun Communities Company 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.