Lantern Wealth Advisors LLC Reduces Holdings in Sun Communities, Inc. (NYSE:SUI)

Lantern Wealth Advisors LLC decreased its position in shares of Sun Communities, Inc. (NYSE:SUI) by 15.2% in the 4th quarter, Holdings Channel reports. The fund owned 2,800 shares of the real estate investment trust’s stock after selling 500 shares during the quarter. Lantern Wealth Advisors LLC’s holdings in Sun Communities were worth $344,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in SUI. Cohen & Steers Inc. lifted its holdings in Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares during the last quarter. Dodge & Cox raised its position in shares of Sun Communities by 61.1% in the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock valued at $1,181,252,000 after purchasing an additional 3,644,853 shares during the period. FMR LLC lifted its stake in shares of Sun Communities by 51.3% during the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock valued at $973,660,000 after buying an additional 2,684,214 shares in the last quarter. Norges Bank bought a new position in Sun Communities in the 4th quarter worth approximately $888,783,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Sun Communities by 19.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock valued at $682,429,000 after buying an additional 911,857 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SUI shares. Jefferies Financial Group started coverage on Sun Communities in a report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target for the company. JMP Securities reiterated a “market outperform” rating and set a $140.00 price target (down from $150.00) on shares of Sun Communities in a research report on Monday, April 21st. Robert W. Baird reduced their price objective on shares of Sun Communities from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Truist Financial lowered their target price on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Finally, Royal Bank of Canada dropped their price target on Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Sun Communities has an average rating of “Hold” and an average target price of $138.70.

Sun Communities Price Performance

SUI opened at $123.45 on Tuesday. 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 capitalization of $15.76 billion, a P/E ratio of 66.37 and a beta of 0.86. The stock has a 50-day moving average price of $125.05 and a 200-day moving average price of $125.88. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results 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 business had revenue of $470.20 million for the quarter, compared to analysts’ expectations of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same period last year, the business earned $1.19 earnings per share. Equities analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.05%. Sun Communities’s payout ratio is 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.