Norges Bank Buys New Holdings in Sun Communities, Inc. (NYSE:SUI)

Norges Bank purchased a new position in Sun Communities, Inc. (NYSE:SUI) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,227,638 shares of the real estate investment trust’s stock, valued at approximately $888,783,000. Norges Bank owned about 5.67% of Sun Communities as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Sun Communities by 8.5% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock worth $131,000 after purchasing an additional 84 shares in the last quarter. Cascade Investment Advisors Inc. boosted its position in shares of Sun Communities by 0.8% during the 4th quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock worth $1,276,000 after acquiring an additional 85 shares in the last quarter. Cetera Trust Company N.A boosted its position in shares of Sun Communities by 6.0% during the 4th quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock worth $229,000 after acquiring an additional 105 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Sun Communities by 45.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 124 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. lifted its stake in Sun Communities by 4.5% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 2,901 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 126 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Down 1.5 %

Sun Communities stock opened at $127.96 on Friday. The stock has a 50 day moving average of $128.80 and a two-hundred day moving average of $129.26. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The stock has a market capitalization of $16.33 billion, a price-to-earnings ratio of 68.80 and a beta of 0.90. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is 508.11%.

Analysts Set New Price Targets

SUI has been the topic of several recent analyst reports. Wells Fargo & Company dropped their price target on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Truist Financial boosted their price target on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Finally, Jefferies Financial Group cut their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $136.60.

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.