Royal Bank of Canada Sells 170,627 Shares of Sun Communities, Inc. $SUI

Key Points

• Royal Bank of Canada reduced its holdings in Sun Communities, Inc. by 60.1%, owning 113,231 shares valued at approximately $14.57 million at the end of the first quarter.
• The company recently reported a quarterly dividend of $1.04 per share, representing a 3.2% dividend yield and a payout ratio of 40.70%.
• Sun Communities has a market capitalization of $16.08 billion with a recent stock price of $128.48, reflecting a 1.3% decline in shares.

Royal Bank of Canada reduced its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 60.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 113,231 shares of the real estate investment trust's stock after selling 170,627 shares during the period. Royal Bank of Canada owned about 0.09% of Sun Communities worth $14,566,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of SUI. Vanguard Group Inc. raised its stake in shares of Sun Communities by 2.3% in the first quarter. Vanguard Group Inc. now owns 17,947,285 shares of the real estate investment trust's stock worth $2,308,739,000 after purchasing an additional 403,923 shares during the last quarter. Dodge & Cox raised its position in Sun Communities by 42.1% in the 1st quarter. Dodge & Cox now owns 13,647,820 shares of the real estate investment trust's stock worth $1,755,656,000 after buying an additional 4,041,802 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Sun Communities by 10.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,118,054 shares of the real estate investment trust's stock valued at $787,029,000 after acquiring an additional 568,514 shares during the period. Deutsche Bank AG boosted its holdings in shares of Sun Communities by 103.7% during the 1st quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock valued at $207,294,000 after acquiring an additional 820,422 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Sun Communities by 3.1% during the 4th 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 acquiring an additional 40,832 shares during the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Price Performance

NYSE:SUI traded down $0.24 during trading hours on Tuesday, hitting $128.42. 1,261,903 shares of the stock traded hands, compared to its average volume of 795,266. The company has a market cap of $16.07 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 6.64 and a beta of 0.86. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $146.99. The stock has a 50 day moving average price of $125.80 and a 200 day moving average price of $125.71. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 EPS for the quarter, beating the consensus estimate of $1.67 by $0.09. Sun Communities had a net margin of 48.86% and a negative return on equity of 0.60%. The firm had revenue of $623.50 million for the quarter, compared to the consensus estimate of $614.79 million. During the same period last year, the firm earned $1.86 EPS. Sun Communities has set its FY 2025 guidance at 6.510-6.670 EPS. Q3 2025 guidance at 2.130-2.230 EPS. Sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 30th. Sun Communities's payout ratio is presently 40.70%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SUI shares. Royal Bank Of Canada lowered their price objective on shares of Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research report on Friday, August 1st. Wells Fargo & Company decreased their target price on shares of Sun Communities from $135.00 to $132.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 27th. 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 on the stock. Evercore ISI lifted their price objective on Sun Communities from $136.00 to $138.00 and gave the stock an "in-line" rating in a report on Monday. Finally, Wall Street Zen raised Sun Communities from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Six analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Sun Communities has a consensus rating of "Hold" and a consensus price target of $137.86.

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.