Adage Capital Partners GP L.L.C. Buys 15,000 Shares of Sun Communities, Inc. (NYSE:SUI)

Adage Capital Partners GP L.L.C. raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 240,000 shares of the real estate investment trust's stock after acquiring an additional 15,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.19% of Sun Communities worth $29,513,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in Sun Communities by 19.7% during the fourth 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 buying an additional 911,857 shares during the last quarter. Lasalle Investment Management Securities LLC increased its position in Sun Communities by 48.9% during the fourth quarter. Lasalle Investment Management Securities LLC now owns 638,436 shares of the real estate investment trust's stock worth $78,508,000 after acquiring an additional 209,811 shares during the period. Natixis acquired a new stake in shares of Sun Communities in the fourth quarter valued at approximately $90,000. BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of Sun Communities by 447.0% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,001 shares of the real estate investment trust's stock valued at $861,000 after acquiring an additional 5,721 shares during the period. Finally, Capital International Inc. CA bought a new stake in Sun Communities during the fourth quarter worth about $525,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SUI shares. Truist Financial decreased their price target on Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of Sun Communities in a research note on Friday, February 28th. JMP Securities reissued a "market outperform" rating and issued a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a research note on Monday, April 21st. Finally, Jefferies Financial Group began coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Sun Communities currently has a consensus rating of "Hold" and a consensus price target of $135.70.

Sun Communities Stock Up 4.2 %

NYSE:SUI traded up $5.21 during trading hours on Thursday, reaching $129.64. The company had a trading volume of 670,499 shares, compared to its average volume of 830,698. The business's 50-day simple moving average is $127.10 and its two-hundred day simple moving average is $126.80. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.54 billion, a price-to-earnings ratio of 69.71 and a beta of 0.84.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. The firm had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. On average, equities analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities's dividend payout ratio is 508.11%.

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.