Geode Capital Management LLC Reduces Holdings in Sun Communities, Inc. (NYSE:SUI)

Geode Capital Management LLC lowered its stake in Sun Communities, Inc. (NYSE:SUI) by 2.6% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,094,327 shares of the real estate investment trust’s stock after selling 55,065 shares during the quarter. Geode Capital Management LLC’s holdings in Sun Communities were worth $282,389,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of SUI. Wealth Enhancement Advisory Services LLC lifted its holdings in Sun Communities by 10.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,944 shares of the real estate investment trust’s stock valued at $1,558,000 after purchasing an additional 1,246 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Sun Communities by 6.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 702,815 shares of the real estate investment trust’s stock valued at $84,577,000 after buying an additional 44,686 shares during the last quarter. TCW Group Inc. lifted its stake in shares of Sun Communities by 34.0% during the second quarter. TCW Group Inc. now owns 15,190 shares of the real estate investment trust’s stock valued at $1,828,000 after buying an additional 3,854 shares during the period. Nisa Investment Advisors LLC boosted its position in Sun Communities by 2.1% during the second quarter. Nisa Investment Advisors LLC now owns 44,974 shares of the real estate investment trust’s stock worth $5,454,000 after acquiring an additional 932 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in Sun Communities by 2.8% in the 2nd quarter. Fifth Third Bancorp now owns 5,179 shares of the real estate investment trust’s stock worth $623,000 after acquiring an additional 142 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SUI shares. Wells Fargo & Company reduced their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Royal Bank of Canada reduced their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research note on Thursday, October 17th. They set a “buy” rating and a $160.00 price objective for the company. Finally, Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $137.08.

Sun Communities Trading Down 0.8 %

Shares of SUI stock opened at $122.20 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The firm’s 50 day moving average price is $128.82 and its two-hundred day moving average price is $128.20. The stock has a market cap of $15.57 billion, a price-to-earnings ratio of 65.70, a price-to-earnings-growth ratio of 0.51 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 for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the previous year, the firm posted $2.57 EPS. The business’s revenue was down 4.4% compared to the same quarter last year. On average, analysts anticipate that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Tuesday, December 31st. Sun Communities’s payout ratio is 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.