M&T Bank Corp Lowers Stock Position in Sun Communities, Inc. (NYSE:SUI)

M&T Bank Corp trimmed its stake in Sun Communities, Inc. (NYSE:SUI) by 4.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 15,897 shares of the real estate investment trust’s stock after selling 669 shares during the period. M&T Bank Corp’s holdings in Sun Communities were worth $2,149,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its position in Sun Communities by 10.7% in the second 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 during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake 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 in the last quarter. TCW Group Inc. raised its holdings in shares of Sun Communities by 34.0% in the 2nd 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 lifted its stake in Sun Communities by 2.1% during the 2nd 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 in the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Sun Communities by 2.8% during the 2nd quarter. Fifth Third Bancorp now owns 5,179 shares of the real estate investment trust’s stock valued at $623,000 after acquiring an additional 142 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Trading Down 0.8 %

Shares of SUI stock opened at $122.20 on Friday. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve 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 business’s 50 day moving average is $128.82 and its two-hundred day moving average is $128.20. The company has a market capitalization of $15.57 billion, a P/E 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 quarterly 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). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. During the same period in the prior year, the company earned $2.57 earnings per share. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. Equities analysts forecast that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Analyst Ratings Changes

SUI has been the topic of a number of recent research reports. Royal Bank of Canada cut their price target on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. BMO Capital Markets reduced their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Bank of America lowered Sun Communities from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $147.00 to $114.00 in a research report on Tuesday, November 12th. Finally, Evercore ISI lifted their target price on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. 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 data from MarketBeat.com, Sun Communities has a consensus rating of “Hold” and an average target price 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.