Parr Mcknight Wealth Management Group LLC Takes Position in Sun Communities, Inc. (NYSE:SUI)

Parr Mcknight Wealth Management Group LLC acquired a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 8,306 shares of the real estate investment trust's stock, valued at approximately $1,021,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SUI. Exchange Traded Concepts LLC raised its holdings in Sun Communities by 20.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,559 shares of the real estate investment trust's stock valued at $192,000 after acquiring an additional 267 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Sun Communities by 18.0% during the 4th quarter. Fifth Third Bancorp now owns 6,544 shares of the real estate investment trust's stock worth $805,000 after buying an additional 996 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Sun Communities by 86.2% during the 4th quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust's stock worth $157,000 after buying an additional 539 shares in 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 worth $53,000 after buying an additional 135 shares in the last quarter. Finally, Cascade Investment Advisors Inc. raised its holdings in shares of Sun Communities by 0.8% during the 4th quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust's stock worth $1,276,000 after buying an additional 85 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Trading Up 2.0%

Shares of Sun Communities stock traded up $2.38 on Tuesday, hitting $122.31. 627,795 shares of the company's stock traded hands, compared to its average volume of 834,965. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. 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 has a fifty day moving average of $124.13 and a two-hundred day moving average of $125.60. The company has a market capitalization of $15.61 billion, a price-to-earnings ratio of 65.76 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last announced its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same quarter in the prior year, the company earned $1.19 EPS. The firm's revenue for the quarter was up .2% compared to the same quarter last year. As a group, sell-side analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SUI. Bank of America boosted their price target on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. Jefferies Financial Group began coverage on Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 target price for the company. Truist Financial lowered their target price on Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a report on Thursday, April 10th. JMP Securities reiterated a "market outperform" rating and issued a $140.00 price target on shares of Sun Communities in a research report on Tuesday, May 20th. Finally, Robert W. Baird reduced their price target 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. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Sun Communities has a consensus rating of "Hold" and an average target price of $138.70.

Sun Communities Company 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.