68,474 Shares in Sun Communities, Inc. (NYSE:SUI) Purchased by BROOKFIELD Corp ON

BROOKFIELD Corp ON acquired a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 68,474 shares of the real estate investment trust's stock, valued at approximately $8,420,000. BROOKFIELD Corp ON owned about 0.05% of Sun Communities at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Captrust Financial Advisors boosted its stake in Sun Communities by 3.7% in the 4th quarter. Captrust Financial Advisors now owns 3,627 shares of the real estate investment trust's stock valued at $446,000 after purchasing an additional 128 shares during the period. Baird Financial Group Inc. increased its holdings in Sun Communities by 5.7% in the 4th quarter. Baird Financial Group Inc. now owns 4,381 shares of the real estate investment trust's stock valued at $539,000 after buying an additional 238 shares during the period. Balyasny Asset Management L.P. bought a new position in Sun Communities in the fourth quarter valued at approximately $71,122,000. Alyeska Investment Group L.P. raised its holdings in shares of Sun Communities by 112.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,004,688 shares of the real estate investment trust's stock worth $123,546,000 after buying an additional 531,880 shares in the last quarter. Finally, Anson Funds Management LP bought a new position in shares of Sun Communities in the fourth quarter worth about $2,704,000. 99.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Sun Communities Stock Performance

NYSE:SUI traded up $1.97 on Friday, reaching $125.53. 385,618 shares of the company's stock were exchanged, compared to its average volume of 833,266. The stock has a fifty day simple moving average of $126.23 and a 200-day simple moving average of $126.51. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market cap of $16.02 billion, a price-to-earnings ratio of 67.49 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last posted its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (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 the consensus estimate of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business's quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.19 earnings per share. As a group, sell-side analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities's dividend payout ratio is presently 606.45%.

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.