LPL Financial LLC Trims Stock Holdings in Sun Communities, Inc. $SUI

Key Points

• LPL Financial LLC reduced its stake in Sun Communities, Inc. by 11.5%, selling 2,942 shares, and now holds 22,618 shares valued at approximately $2.91 million.
• Sun Communities announced a quarterly dividend of $1.04 per share, up from $0.94, resulting in an annualized yield of 3.3%.
• The stock currently has an average price target of $138.43 in the market, with a consensus rating of "Hold" from analysts.

LPL Financial LLC decreased its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 11.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,618 shares of the real estate investment trust's stock after selling 2,942 shares during the quarter. LPL Financial LLC's holdings in Sun Communities were worth $2,910,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in Sun Communities by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock worth $682,429,000 after buying an additional 911,857 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Sun Communities by 2.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,829,816 shares of the real estate investment trust's stock valued at $225,012,000 after purchasing an additional 49,404 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Sun Communities by 3.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,364,311 shares of the real estate investment trust's stock valued at $167,769,000 after purchasing an additional 40,832 shares during the last quarter. Northern Trust Corp grew its position in shares of Sun Communities by 48.3% in the fourth quarter. Northern Trust Corp now owns 1,107,394 shares of the real estate investment trust's stock valued at $136,176,000 after purchasing an additional 360,774 shares during the last quarter. Finally, Alyeska Investment Group L.P. grew its position in shares of Sun Communities by 112.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,004,688 shares of the real estate investment trust's stock valued at $123,546,000 after purchasing an additional 531,880 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Trading Down 0.4%

NYSE SUI traded down $0.4640 on Thursday, reaching $126.6660. The company had a trading volume of 174,054 shares, compared to its average volume of 871,739. The firm has a market cap of $15.85 billion, a price-to-earnings ratio of 12.39, a P/E/G ratio of 6.55 and a beta of 0.83. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The business has a 50 day moving average of $125.49 and a two-hundred day moving average of $125.76. The company has a debt-to-equity ratio of 0.55, a current ratio of 7.08 and a quick ratio of 7.08.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.67 by $0.09. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%.The business had revenue of $623.50 million during the quarter, compared to the consensus estimate of $614.79 million. During the same period in the prior year, the business 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. Analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's payout ratio is 40.70%.

Insiders Place Their Bets

In other Sun Communities news, Director Jeff Blau purchased 3,665 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average price of $117.99 per share, with a total value of $432,433.35. Following the transaction, the director owned 3,665 shares in the company, valued at $432,433.35. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.77% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SUI shares. Royal Bank Of Canada cut their price target on Sun Communities from $147.00 to $143.00 and set an "outperform" rating for the company in a research note on Friday, August 1st. Barclays started coverage on Sun Communities in a research note on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price target for the company. Bank of America boosted their price target on Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research note on Monday, May 12th. Colliers Securities started coverage on Sun Communities in a research note on Friday, June 13th. They issued a "neutral" rating and a $130.00 price target for the company. Finally, Truist Financial boosted their price target on Sun Communities from $137.00 to $141.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Sun Communities presently has an average rating of "Hold" and a consensus price target of $138.43.

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.