Ameriprise Financial Inc. Decreases Position in Sun Communities, Inc. (NYSE:SUI)

Ameriprise Financial Inc. trimmed its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 40.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Ratings Changes

SUI has been the subject of a number of research analyst reports. Barclays assumed coverage on shares of Sun Communities in a report on Thursday. They issued an "overweight" rating and a $141.00 price target for the company. Truist Financial reduced their target price 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. Royal Bank of Canada lowered their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Jefferies Financial Group began coverage on Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 price target on the stock. Finally, Bank of America raised their price objective on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $138.91.

Sun Communities Stock Performance

NYSE:SUI traded up $1.59 during trading hours on Thursday, reaching $122.36. The company had a trading volume of 734,480 shares, compared to its average volume of 836,385. 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, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83. The business's 50 day moving average price is $123.58 and its 200-day moving average price is $125.51. The firm has a market cap of $15.62 billion, a PE ratio of 65.78 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, beating 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 firm had revenue of $470.20 million during the quarter, compared to analysts' expectations of $538.63 million. During the same period in the previous year, the business posted $1.19 EPS. The business's revenue was up .2% compared to the same quarter last year. Research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.07%. Sun Communities's dividend payout ratio is presently 606.45%.

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.