Bank of America Corp DE Sells 2,079 Shares of Sun Communities, Inc. (NYSE:SUI)

Bank of America Corp DE trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 0.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 536,454 shares of the real estate investment trust's stock after selling 2,079 shares during the period. Bank of America Corp DE owned about 0.42% of Sun Communities worth $65,968,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Cohen & Steers Inc. raised 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 valued at $2,013,414,000 after purchasing an additional 3,811,528 shares in the last quarter. Dodge & Cox grew its position in Sun Communities by 61.1% in the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock worth $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. FMR LLC lifted its holdings in shares of Sun Communities by 51.3% during the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock worth $973,660,000 after acquiring an additional 2,684,214 shares during the period. Norges Bank bought a new position in shares of Sun Communities during the 4th quarter worth about $888,783,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Sun Communities by 19.7% during 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 acquiring an additional 911,857 shares during the period. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Performance

SUI traded up $2.42 during trading on Thursday, hitting $121.04. 645,421 shares of the company traded hands, compared to its average volume of 837,067. The firm has a market cap of $15.45 billion, a P/E ratio of 65.08 and a beta of 0.86. The stock's fifty day moving average is $125.48 and its 200 day moving average is $126.15. 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 one year low of $109.22 and a one year high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.18 by $0.08. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $470.20 million during the quarter, compared to analyst estimates of $538.63 million. During the same period last year, the business earned $1.19 earnings per share. Sun Communities's revenue was up .2% compared to the same quarter last year. As a group, equities analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently disclosed 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 was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.11%. Sun Communities's payout ratio is 606.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SUI shares. Robert W. Baird reduced their target price on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Bank of America upped their target price on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday. JMP Securities reiterated a "market outperform" rating and issued a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a report on Monday, April 21st. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday, April 8th. They set a "buy" rating and a $150.00 target price for the company. Finally, Truist Financial reduced their target price on shares of 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 issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $138.70.

Sun Communities Company 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.