Parr Mcknight Wealth Management Group LLC Acquires New Stake in Sun Communities, Inc. (NYSE:SUI)

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

Several other institutional investors and hedge funds also recently bought and sold shares of SUI. Norges Bank bought a new stake in shares of Sun Communities during the fourth quarter worth $888,783,000. Cohen & Steers Inc. lifted its position in shares of Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock worth $2,013,414,000 after purchasing an additional 3,811,528 shares during the last quarter. Dodge & Cox lifted its position in shares of Sun Communities by 61.1% during the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock worth $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. FMR LLC lifted its position in shares of Sun Communities by 51.3% during the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock worth $973,660,000 after purchasing an additional 2,684,214 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of 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 purchasing an additional 911,857 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Shares of SUI stock traded up $0.62 during trading hours on Thursday, hitting $121.39. 223,555 shares of the company's stock were exchanged, compared to its average volume of 833,169. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $15.49 billion, a P/E ratio of 65.26 and a beta of 0.86. The firm has a 50 day moving average of $123.74 and a two-hundred day moving average of $125.55. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced 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. The business had revenue of $470.20 million during the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business's quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 EPS. Sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities's payout ratio is 606.45%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SUI shares. Truist Financial decreased their target price on Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. JMP Securities reiterated 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 dropped their price target on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. 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 research note on Monday, May 12th. Finally, Royal Bank of Canada dropped their target price on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. 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. Based on data from MarketBeat.com, Sun Communities currently has an average rating of "Hold" and an average 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.