Balyasny Asset Management L.P. Invests $71.12 Million in Sun Communities, Inc. (NYSE:SUI)

Balyasny Asset Management L.P. purchased a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 578,370 shares of the real estate investment trust's stock, valued at approximately $71,122,000. Balyasny Asset Management L.P. owned about 0.45% of Sun Communities at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in SUI. Norges Bank acquired a new stake in Sun Communities in the fourth quarter valued at approximately $888,783,000. Cohen & Steers Inc. boosted its holdings 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 buying an additional 3,811,528 shares during the period. Dodge & Cox boosted its holdings in Sun Communities by 61.1% during the fourth 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 period. FMR LLC grew its holdings in 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 buying an additional 2,684,214 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Sun Communities by 19.7% in 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 acquiring an additional 911,857 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Stock Down 1.0 %

SUI stock traded down $1.25 during trading hours on Thursday, reaching $123.37. 1,025,211 shares of the stock were exchanged, compared to its average volume of 834,217. The firm's 50-day moving average is $126.49 and its 200-day moving average is $126.58. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The company has a market cap of $15.74 billion, a price-to-earnings ratio of 66.33 and a beta of 0.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping the consensus estimate of $1.18 by $0.08. The firm had revenue of $470.20 million for the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company's revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.19 EPS. On average, equities research 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 announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.05%. Sun Communities's payout ratio is 508.11%.

Analyst Upgrades and Downgrades

SUI has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price for the company. Royal Bank of Canada cut their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a report on Wednesday. Robert W. Baird reduced their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a report on Thursday. JMP Securities reiterated a "market outperform" rating and set a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a research report on Monday, April 21st. Finally, Truist Financial dropped their price objective on Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Sun Communities presently has an average rating of "Hold" and a consensus target price of $136.90.

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.