Ameriprise Financial Inc. Sells 33,900 Shares of Sun Communities, Inc. (NYSE:SUI)

Ameriprise Financial Inc. lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 40.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,250 shares of the real estate investment trust's stock after selling 33,900 shares during the quarter. Ameriprise Financial Inc.'s holdings in Sun Communities were worth $6,065,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SUI. Aster Capital Management DIFC Ltd boosted its holdings in Sun Communities by 263.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 232 shares during the period. Smartleaf Asset Management LLC lifted its stake in Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 124 shares during the last quarter. CKW Financial Group raised its holdings in shares of Sun Communities by 45.0% during the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock valued at $53,000 after buying an additional 135 shares in the last quarter. Natixis purchased a new position in shares of Sun Communities during the fourth quarter worth approximately $90,000. Finally, Quadrant Capital Group LLC boosted its stake in shares of Sun Communities by 17.2% in the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after purchasing an additional 123 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

Shares of NYSE:SUI traded up $1.23 during mid-day trading on Thursday, reaching $122.00. 55,640 shares of the company traded hands, compared to its average volume of 832,536. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The firm has a market cap of $15.57 billion, a PE ratio of 65.61 and a beta of 0.86. The company's 50 day moving average price is $123.74 and its 200-day moving average price is $125.55. 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 earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $538.63 million. During the same quarter in the prior year, the firm posted $1.19 EPS. Sun Communities's quarterly revenue was up .2% compared to the same quarter last year. On average, equities analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.08%. The ex-dividend date was Monday, March 31st. Sun Communities's dividend payout ratio is presently 606.45%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SUI shares. Royal Bank of Canada dropped their target price on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. JMP Securities reissued a "market outperform" rating and issued a $140.00 target price on shares of Sun Communities in a research note on Tuesday, May 20th. Robert W. Baird cut their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Jefferies Financial Group began coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target for the company. Finally, Barclays began coverage on shares of Sun Communities in a report on Thursday. They issued an "overweight" rating and a $141.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $138.91.

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.