Point72 Hong Kong Ltd Acquires Shares of 448 Sun Communities, Inc. (NYSE:SUI)

Point72 Hong Kong Ltd bought a new position in Sun Communities, Inc. (NYSE:SUIFree Report) during the third quarter, according to its most recent filing with the SEC. The firm bought 448 shares of the real estate investment trust’s stock, valued at approximately $60,000.

A number of other large investors also recently modified their holdings of the company. Assetmark Inc. raised its holdings in Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 190 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Sun Communities in the third quarter valued at approximately $41,000. Quest Partners LLC grew its holdings in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Sun Communities during the 2nd quarter valued at $62,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 236 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Performance

NYSE:SUI opened at $127.05 on Wednesday. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. 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 stock has a market cap of $16.18 billion, a P/E ratio of 68.31, a PEG ratio of 0.53 and a beta of 0.88. The business’s 50-day moving average price is $130.41 and its two-hundred day moving average price is $128.00.

Sun Communities (NYSE:SUIGet Free Report) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The company had revenue of $939.90 million during the quarter, compared to analysts’ expectations of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.57 earnings per share. As a group, equities analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.94 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.96%. Sun Communities’s dividend payout ratio is presently 202.15%.

Analyst Ratings Changes

Several research firms recently weighed in on SUI. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Truist Financial lifted their price target on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Wells Fargo & Company raised their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Finally, Jefferies Financial Group initiated coverage on Sun Communities in a research note on Thursday, October 17th. They set a “buy” rating and a $160.00 price target for the company. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Sun Communities currently has a consensus rating of “Hold” and an average price target of $139.08.

Read Our Latest Report on SUI

Sun Communities Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Sun Communities (NYSE:SUI)

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