Sun Communities, Inc. (NYSE:SUI) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC decreased its position in shares of Sun Communities, Inc. (NYSE:SUI) by 2.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,094,327 shares of the real estate investment trust’s stock after selling 55,065 shares during the period. Geode Capital Management LLC owned 1.64% of Sun Communities worth $282,389,000 as of its most recent SEC filing.

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

Sun Communities Trading Down 0.8 %

Shares of SUI 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 firm has a market capitalization of $15.57 billion, a P/E ratio of 65.70, a PEG ratio of 0.51 and a beta of 0.88. The firm’s 50-day moving average is $128.82 and its two-hundred day moving average is $128.20.

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 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 firm had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the prior year, the company earned $2.57 EPS. The business’s revenue was down 4.4% on a year-over-year basis. On average, research analysts predict that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Analysts Set New Price Targets

Several analysts have commented on the company. Truist Financial reduced their price objective on Sun Communities from $138.00 to $131.00 and set a “hold” rating for the company in a research note on Wednesday. Jefferies Financial Group began coverage on Sun Communities in a report on Thursday, October 17th. They set a “buy” rating and a $160.00 price target for the company. Baird R W lowered shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada cut their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Finally, Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $145.00 to $126.00 in a report on Thursday, November 7th. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $137.08.

Sun Communities Company 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.