Nomura Asset Management Co. Ltd. Cuts Holdings in Sun Communities, Inc. (NYSE:SUI)

Nomura Asset Management Co. Ltd. lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 190,581 shares of the real estate investment trust’s stock after selling 10,373 shares during the quarter. Nomura Asset Management Co. Ltd. owned 0.15% of Sun Communities worth $25,757,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Assetmark Inc. raised its position 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 valued at $27,000 after purchasing an additional 190 shares in the last quarter. Brooklyn Investment Group bought a new stake in Sun Communities in the 3rd quarter worth approximately $41,000. Quest Partners LLC boosted its stake in Sun Communities by 12,700.0% in 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. Point72 Hong Kong Ltd bought a new position in Sun Communities during the third quarter valued at approximately $60,000. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Sun Communities during the second quarter worth approximately $62,000. 99.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SUI. Royal Bank of Canada reduced their target price 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. Truist Financial increased their target price on shares of 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 report on Thursday, November 7th. UBS Group cut Sun Communities from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $155.00 to $134.00 in a report on Thursday, November 14th. Finally, Evercore ISI lifted their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $139.08.

Sun Communities Trading Down 1.4 %

NYSE:SUI opened at $122.83 on Wednesday. The firm has a market capitalization of $15.65 billion, a P/E ratio of 66.04, a PEG ratio of 0.52 and a beta of 0.88. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The company’s 50-day simple moving average is $129.59 and its 200 day simple moving average is $128.12.

Sun Communities (NYSE:SUI) last posted its quarterly 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 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 analysts’ expectations of $980.41 million. During the same quarter in the previous year, the company earned $2.57 EPS. The business’s quarterly revenue was down 4.4% on a year-over-year basis. As a group, analysts forecast that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend yield of 3.06%. 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.