Sun Communities, Inc. (NYSE:SUI) Shares Sold by NFJ Investment Group LLC

NFJ Investment Group LLC trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 5.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 208,223 shares of the real estate investment trust’s stock after selling 12,458 shares during the period. NFJ Investment Group LLC’s holdings in Sun Communities were worth $28,141,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Assetmark Inc. boosted its holdings in Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 190 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Sun Communities in the third quarter worth about $41,000. Quest Partners LLC boosted its stake in shares of Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 381 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Sun Communities in the 3rd quarter valued at about $60,000. Finally, 1620 Investment Advisors Inc. acquired a new position in Sun Communities in the 2nd quarter worth about $62,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wells Fargo & Company boosted their price objective on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Baird R W lowered shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Royal Bank of Canada decreased their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. BMO Capital Markets cut their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Sun Communities presently has an average rating of “Hold” and a consensus price target of $139.08.

Sun Communities Price Performance

Shares of NYSE SUI traded down $0.42 during trading on Tuesday, hitting $126.58. 87,755 shares of the company were exchanged, compared to its average volume of 825,081. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The company has a market cap of $16.13 billion, a price-to-earnings ratio of 68.28, a PEG ratio of 0.53 and a beta of 0.89. The firm’s fifty day moving average price is $130.66 and its 200 day moving average price is $127.97.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The business had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the company posted $2.57 EPS. On average, sell-side analysts expect that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.97%. Sun Communities’s dividend payout ratio is presently 202.15%.

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.