Sun Communities, Inc. (NYSE:SUI) Shares Bought by Dodge & Cox

Dodge & Cox grew its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 61.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 9,606,018 shares of the real estate investment trust's stock after acquiring an additional 3,644,853 shares during the quarter. Dodge & Cox owned about 7.54% of Sun Communities worth $1,181,252,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new stake in shares of Sun Communities during the fourth quarter worth about $888,783,000. Cohen & Steers Inc. increased its position in Sun Communities by 30.3% during the fourth 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. FMR LLC lifted its stake in Sun Communities by 51.3% in the fourth 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. Daiwa Securities Group Inc. boosted its holdings in shares of Sun Communities by 23.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust's stock valued at $288,244,000 after acquiring an additional 442,557 shares during the period. Finally, Prudential Financial Inc. boosted its holdings in shares of Sun Communities by 138.8% in the fourth quarter. Prudential Financial Inc. now owns 501,216 shares of the real estate investment trust's stock valued at $64,436,000 after acquiring an additional 291,329 shares during the period. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Performance

Shares of SUI stock traded up $1.48 during trading hours on Friday, reaching $123.18. 418,560 shares of the company's stock were exchanged, compared to its average volume of 838,967. 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 company's 50 day moving average is $127.59 and its two-hundred day moving average is $127.11. The company has a market cap of $15.72 billion, a P/E ratio of 66.22 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 - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million during the quarter, compared to analysts' expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Equities research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.94 per share. The ex-dividend date was Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.05%. Sun Communities's payout ratio is currently 508.11%.

Analyst Upgrades and Downgrades

SUI has been the subject of several research reports. Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price for the company. Finally, 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 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 assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $136.70.

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.