Parr Mcknight Wealth Management Group LLC Acquires Shares of 8,306 Sun Communities, Inc. (NYSE:SUI)

Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,306 shares of the real estate investment trust's stock, valued at approximately $1,021,000.

Other large investors have also recently made changes to their positions in the company. Legacy Trust purchased a new stake in shares of Sun Communities during the fourth quarter valued at $625,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Sun Communities by 16.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock valued at $95,885,000 after buying an additional 108,054 shares during the last quarter. VCI Wealth Management LLC purchased a new stake in shares of Sun Communities during the fourth quarter valued at $1,312,000. Vert Asset Management LLC grew its holdings in shares of Sun Communities by 9.9% during the fourth quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust's stock valued at $6,897,000 after buying an additional 5,060 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of 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 valued at $49,000 after buying an additional 124 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JMP Securities reissued a "market outperform" rating and set a $140.00 price objective on shares of Sun Communities in a report on Tuesday, May 20th. Robert W. Baird lowered their price target on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Truist Financial lowered their price target on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Jefferies Financial Group began coverage on shares of Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target on the stock. Finally, Bank of America upped their price target on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday, May 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Sun Communities presently has an average rating of "Hold" and a consensus target price of $138.70.

Sun Communities Price Performance

Shares of Sun Communities stock traded down $1.38 during trading hours on Wednesday, reaching $120.86. The stock had a trading volume of 647,566 shares, compared to its average volume of 834,219. The stock's 50 day moving average is $123.95 and its 200 day moving average is $125.58. The firm has a market capitalization of $15.43 billion, a PE ratio of 64.98 and a beta of 0.86. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 7.46% and a return on equity of 3.21%. The company's revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 earnings per share. Equities analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.94 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.11%. Sun Communities's payout ratio is 606.45%.

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.