Tributary Capital Management LLC Cuts Position in Sun Communities, Inc. (NYSE:SUI)

Tributary Capital Management LLC trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 4.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,085 shares of the real estate investment trust’s stock after selling 100 shares during the quarter. Tributary Capital Management LLC’s holdings in Sun Communities were worth $256,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Assetmark Inc. lifted its holdings in shares of Sun Communities by 2,111.1% during 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 in the last quarter. Brooklyn Investment Group purchased a new position in Sun Communities in the third quarter valued at about $41,000. Point72 Hong Kong Ltd acquired a new position in shares of Sun Communities during the third quarter worth about $60,000. Farther Finance Advisors LLC boosted its position in shares of Sun Communities by 89.1% in 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 period. Finally, Blue Trust Inc. grew its stake in shares of Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after buying an additional 436 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Trading Up 1.0 %

NYSE:SUI opened at $127.39 on Friday. The company has a market cap of $16.23 billion, a PE ratio of 68.49, a P/E/G ratio of 0.51 and a beta of 0.89. The business’s 50 day moving average is $124.52 and its two-hundred day moving average is $129.41. 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 52 week low of $110.98 and a 52 week high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data 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 the consensus estimate of $980.41 million. During the same quarter last year, the business earned $2.57 earnings per share. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.94 per share. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 annualized dividend and a yield of 2.95%. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SUI. Evercore ISI upped their price target on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Royal Bank of Canada dropped 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. Wells Fargo & Company decreased their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Finally, Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $135.69.

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.