Sun Communities, Inc. (NYSE:SUI) Stake Lowered by Brasada Capital Management LP

Brasada Capital Management LP cut its stake in Sun Communities, Inc. (NYSE:SUI) by 13.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,360 shares of the real estate investment trust’s stock after selling 1,500 shares during the quarter. Brasada Capital Management LP’s holdings in Sun Communities were worth $1,144,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of SUI. Norges Bank bought a new stake in Sun Communities in the fourth quarter worth $888,783,000. Cohen & Steers Inc. boosted its stake in shares of Sun Communities by 30.3% during the 4th quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock worth $2,013,414,000 after acquiring an additional 3,811,528 shares in the last quarter. Dodge & Cox increased its holdings in shares of Sun Communities by 61.1% during the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock valued at $1,181,252,000 after acquiring an additional 3,644,853 shares during the last quarter. FMR LLC raised its stake in shares of Sun Communities by 51.3% in the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock valued at $973,660,000 after acquiring an additional 2,684,214 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Sun Communities by 19.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock worth $682,429,000 after purchasing an additional 911,857 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SUI. Jefferies Financial Group started coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Truist Financial lowered their price target on Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Finally, JMP Securities reissued a “market outperform” rating and set a $140.00 price objective (down previously from $150.00) on shares of Sun Communities in a research report on Monday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $135.70.

Sun Communities Trading Up 0.1 %

Shares of SUI opened at $121.24 on Wednesday. The stock has a 50 day simple moving average of $127.41 and a 200-day simple moving average of $126.99. 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 stock has a market cap of $15.47 billion, a PE ratio of 65.18 and a beta of 0.84. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. On average, sell-side analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Monday, March 31st. Sun Communities’s payout ratio is currently 508.11%.

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.