Alliancebernstein L.P. Reduces Stock Holdings in Sun Communities, Inc. $SUI

Key Points

• Alliancebernstein L.P. has reduced its stake in Sun Communities, Inc. by 13.4%, selling 31,430 shares and now holding 203,438 shares worth approximately $26.17 million.
• Several hedge funds have increased their stakes in Sun Communities, with AQR Capital Management growing its position by 17.8% and Advisors Asset Management boosting theirs by 39.1% in the first quarter.
• Sun Communities will pay a quarterly dividend of $1.04 per share on October 15th, representing an annualized yield of 3.2% and a payout ratio of 40.70%.

Alliancebernstein L.P. trimmed its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 13.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,438 shares of the real estate investment trust's stock after selling 31,430 shares during the period. Alliancebernstein L.P. owned approximately 0.16% of Sun Communities worth $26,170,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SUI. Opal Wealth Advisors LLC bought a new stake in Sun Communities in the 1st quarter valued at about $29,000. Twin Tree Management LP bought a new stake in Sun Communities in the 1st quarter valued at about $29,000. GKV Capital Management Co. Inc. bought a new stake in Sun Communities in the 1st quarter valued at about $42,000. Parallel Advisors LLC increased its position in Sun Communities by 66.4% in the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after buying an additional 190 shares in the last quarter. Finally, Avalon Trust Co bought a new stake in Sun Communities in the 1st quarter valued at about $65,000. 99.59% of the stock is owned by institutional investors.

Sun Communities Stock Performance

Shares of SUI stock traded down $1.45 during trading on Monday, hitting $128.55. The company's stock had a trading volume of 626,427 shares, compared to its average volume of 806,335. The company has a market cap of $16.09 billion, a PE ratio of 12.58, a P/E/G ratio of 6.71 and a beta of 0.86. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average of $125.78 and a 200-day moving average of $125.69. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.50.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.09. The company had revenue of $623.50 million during the quarter, compared to analyst estimates of $614.79 million. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%.During the same period in the prior year, the company posted $1.86 earnings per share. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. As a group, research analysts anticipate 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 will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $1.04 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $4.16 annualized dividend and a yield of 3.2%. Sun Communities's dividend payout ratio is presently 40.70%.

Analysts Set New Price Targets

SUI has been the subject of a number of recent research reports. Morgan Stanley set a $142.00 price objective on Sun Communities in a report on Thursday, September 4th. Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Robert W. Baird boosted their price objective on Sun Communities from $126.00 to $134.00 and gave the stock a "neutral" rating in a report on Monday, August 11th. Truist Financial boosted their price objective on Sun Communities from $137.00 to $141.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Evercore ISI boosted their price objective on Sun Communities from $136.00 to $138.00 and gave the stock an "in-line" rating in a report on Monday. Six equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Sun Communities presently has a consensus rating of "Hold" and an average target price of $137.86.

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.