NFJ Investment Group LLC Cuts Stake in Sun Communities, Inc. (NYSE:SUI)

NFJ Investment Group LLC lessened its stake in Sun Communities, Inc. (NYSE:SUI) by 5.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 208,223 shares of the real estate investment trust’s stock after selling 12,458 shares during the quarter. NFJ Investment Group LLC owned approximately 0.16% of Sun Communities worth $28,141,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Assetmark Inc. lifted its stake in Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Sun Communities in the third quarter worth about $41,000. Quest Partners LLC boosted its stake 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 valued at $46,000 after buying an additional 381 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Sun Communities during the 3rd quarter valued at approximately $60,000. Finally, Farther Finance Advisors LLC grew its holdings in Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 236 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Evercore ISI increased their target price on 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 decreased their price target for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. Truist Financial upped their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Finally, StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $139.08.

Sun Communities Stock Down 0.3 %

NYSE SUI traded down $0.42 on Tuesday, hitting $126.58. The stock had a trading volume of 87,755 shares, compared to its average volume of 825,081. The business’s fifty day moving average price is $130.66 and its 200 day moving average price is $127.97. The stock has a market cap of $16.13 billion, a price-to-earnings ratio of 68.28, a price-to-earnings-growth ratio of 0.53 and a beta of 0.89. 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 52-week low of $110.98 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI) last announced 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). The business had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.57 earnings per share. Equities research analysts anticipate that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.97%. Sun Communities’s payout ratio is 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.