Sun Communities, Inc. (NYSE:SUI) Holdings Boosted by Michelson Medical Research Foundation Inc.

Michelson Medical Research Foundation Inc. raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 138.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,000 shares of the real estate investment trust’s stock after purchasing an additional 29,000 shares during the period. Sun Communities accounts for approximately 4.8% of Michelson Medical Research Foundation Inc.’s investment portfolio, making the stock its 7th biggest holding. Michelson Medical Research Foundation Inc.’s holdings in Sun Communities were worth $6,758,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. raised its position in shares of Sun Communities by 15.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,752 shares of the real estate investment trust’s stock valued at $209,000 after purchasing an additional 234 shares during the last quarter. Cetera Advisors LLC acquired a new stake in shares of Sun Communities during the first quarter worth $515,000. DNB Asset Management AS lifted its stake in Sun Communities by 1.8% during the 2nd quarter. DNB Asset Management AS now owns 19,249 shares of the real estate investment trust’s stock valued at $2,316,000 after acquiring an additional 349 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Sun Communities in the 2nd quarter valued at $13,164,000. Finally, SG Americas Securities LLC increased its stake in shares of Sun Communities by 130.5% in the second quarter. SG Americas Securities LLC now owns 47,428 shares of the real estate investment trust’s stock worth $5,707,000 after acquiring an additional 26,852 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SUI shares. Bank of America downgraded 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 research report on Tuesday, November 12th. Evercore ISI lifted their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. UBS Group downgraded shares of Sun Communities from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $155.00 to $134.00 in a research report on Thursday, November 14th. Royal Bank of Canada lowered their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Finally, BMO Capital Markets reduced their target price on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $139.08.

Sun Communities Stock Up 0.0 %

Shares of SUI opened at $127.05 on Wednesday. The company’s 50-day moving average price is $130.41 and its 200 day moving average price is $128.00. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. 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 firm has a market cap of $16.18 billion, a P/E ratio of 68.31, a price-to-earnings-growth ratio of 0.53 and a beta of 0.88.

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 the consensus estimate of $2.51 by ($0.20). The firm 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%. Sun Communities’s revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.57 EPS. On average, sell-side analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

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

About Sun Communities

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.