Kovitz Investment Group Partners LLC Sells 254 Shares of Sun Communities, Inc. (NYSE:SUI)

Kovitz Investment Group Partners LLC lowered its position in shares of Sun Communities, Inc. (NYSE:SUI) by 6.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,405 shares of the real estate investment trust’s stock after selling 254 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Sun Communities were worth $460,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bristlecone Advisors LLC lifted its position in Sun Communities by 2.4% in the 2nd quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock worth $440,000 after buying an additional 85 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Sun Communities by 0.8% in the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock worth $1,434,000 after acquiring an additional 98 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Sun Communities by 15.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock worth $92,000 after acquiring an additional 102 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Sun Communities by 1.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock valued at $846,000 after purchasing an additional 115 shares in the last quarter. Finally, Avior Wealth Management LLC grew its holdings in shares of Sun Communities by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust’s stock valued at $585,000 after purchasing an additional 125 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Trading Up 1.7 %

NYSE:SUI opened at $123.20 on Friday. The company has a 50-day moving average price of $129.13 and a 200-day moving average price of $128.11. 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 stock has a market cap of $15.69 billion, a price-to-earnings ratio of 66.24, a P/E/G ratio of 0.52 and a beta of 0.88.

Sun Communities (NYSE:SUI) last released its quarterly 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). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same period in the previous year, the company earned $2.57 earnings per share. Sun Communities’s quarterly revenue was down 4.4% on a year-over-year basis. Equities analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Announces Dividend

The company also recently declared 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 of this dividend is Tuesday, December 31st. This represents a $3.76 annualized dividend and a yield of 3.05%. Sun Communities’s payout ratio is 202.15%.

Analysts Set New Price Targets

SUI has been the subject of several recent research reports. Jefferies Financial Group initiated 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 for the company. UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and lowered their target price for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Baird R W lowered Sun Communities from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Robert W. Baird cut Sun Communities from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. Finally, Evercore ISI increased their price objective on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $137.08.

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.