Massachusetts Financial Services Co. MA Sells 254,513 Shares of Sun Communities, Inc. (NYSE:SUI)

Massachusetts Financial Services Co. MA cut its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 8.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,679,544 shares of the real estate investment trust's stock after selling 254,513 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.10% of Sun Communities worth $344,697,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Opal Wealth Advisors LLC acquired a new position in shares of Sun Communities in the 1st quarter valued at about $29,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Sun Communities by 263.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 232 shares during the period. Parallel Advisors LLC increased its position in Sun Communities by 66.4% in the 1st quarter. Parallel Advisors LLC now owns 476 shares of the real estate investment trust's stock valued at $61,000 after buying an additional 190 shares in the last quarter. Blue Trust Inc. increased its position in Sun Communities by 510.4% in the 1st quarter. Blue Trust Inc. now owns 586 shares of the real estate investment trust's stock valued at $75,000 after buying an additional 490 shares in the last quarter. Finally, Natixis bought a new stake in Sun Communities in the 4th quarter valued at about $90,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Jeff Blau bought 3,665 shares of Sun Communities stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average price of $117.99 per share, with a total value of $432,433.35. Following the completion of the purchase, the director directly owned 3,665 shares in the company, valued at $432,433.35. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 1.89% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Wall Street Zen lowered Sun Communities from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Royal Bank Of Canada decreased their price objective on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Robert W. Baird decreased their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft set a $135.00 price objective on Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Finally, Jefferies Financial Group started coverage on Sun Communities in a report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $137.86.

Sun Communities Stock Performance

Sun Communities stock traded down $0.72 during trading on Tuesday, hitting $124.51. The stock had a trading volume of 1,635,968 shares, compared to its average volume of 870,315. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 1.01. The stock's 50 day moving average is $124.80 and its two-hundred day moving average is $125.76. The stock has a market cap of $15.89 billion, a price-to-earnings ratio of 200.82, a price-to-earnings-growth ratio of 8.55 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last posted its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.08. The firm had revenue of $470.20 million for the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The business's quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.19 earnings per share. As a group, analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend is Monday, June 30th. This is a boost from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is currently 670.97%.

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.