Sun Communities, Inc. (NYSE:SUI) Shares Sold by Employees Retirement System of Texas

Employees Retirement System of Texas reduced its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,000 shares of the real estate investment trust's stock after selling 3,000 shares during the quarter. Employees Retirement System of Texas' holdings in Sun Communities were worth $5,534,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SUI. Legacy Trust acquired a new position in Sun Communities during the fourth quarter valued at approximately $625,000. Sumitomo Mitsui Trust Group Inc. boosted its position in Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock worth $95,885,000 after purchasing an additional 108,054 shares during the period. VCI Wealth Management LLC acquired a new stake in Sun Communities in the 4th quarter valued at $1,312,000. Vert Asset Management LLC raised its position in Sun Communities by 9.9% in 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 purchasing an additional 5,060 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in Sun Communities by 45.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 124 shares during the period. Institutional investors and hedge funds own 99.59% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Robert W. Baird lowered their target price on Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Wall Street Zen upgraded Sun Communities from a "sell" rating to a "hold" rating in a report on Saturday. Royal Bank of Canada dropped their price objective on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Bank of America boosted their target price on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research report on Monday, May 12th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $138.91.

Sun Communities Stock Up 0.8%

Shares of SUI traded up $0.97 during midday trading on Friday, hitting $123.38. The company had a trading volume of 1,137,516 shares, compared to its average volume of 839,222. The stock has a market cap of $15.75 billion, a price-to-earnings ratio of 66.33 and a beta of 0.86. The company's 50 day moving average price is $123.49 and its 200 day moving average price is $125.51. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS 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 return on equity of 3.21% and a net margin of 7.46%. The company's revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the firm earned $1.19 earnings per share. On average, equities research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The company also recently declared 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 3.05%. Sun Communities's dividend payout ratio (DPR) is 606.45%.

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.