Millennium Management LLC Sells 368,305 Shares of Sun Communities, Inc. (NYSE:SUI)

Millennium Management LLC reduced its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 73.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 132,480 shares of the real estate investment trust's stock after selling 368,305 shares during the quarter. Millennium Management LLC owned 0.10% of Sun Communities worth $16,291,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SUI. Norges Bank acquired a new position in shares of Sun Communities in the fourth quarter valued at $888,783,000. Cohen & Steers Inc. increased its holdings in shares of Sun Communities by 30.3% in the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares during the last quarter. Dodge & Cox increased its holdings in shares of Sun Communities by 61.1% in the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock valued at $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. FMR LLC increased its holdings in shares of Sun Communities by 51.3% in the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock valued at $973,660,000 after purchasing an additional 2,684,214 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Sun Communities by 19.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock valued at $682,429,000 after purchasing an additional 911,857 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SUI has been the topic of several research reports. JMP Securities reiterated a "market outperform" rating and issued a $140.00 price objective on shares of Sun Communities in a report on Tuesday, May 20th. Robert W. Baird decreased their price target on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target on the stock. Truist Financial decreased their price target on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Finally, Royal Bank of Canada decreased their price target 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $138.70.

Sun Communities Price Performance

Shares of SUI stock traded up $2.38 on Tuesday, reaching $122.31. The company had a trading volume of 627,795 shares, compared to its average volume of 834,965. The stock has a market capitalization of $15.61 billion, a PE ratio of 65.76 and a beta of 0.86. 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 one year low of $109.22 and a one year high of $147.83. The business's 50-day moving average is $123.95 and its 200 day moving average is $125.58.

Sun Communities (NYSE:SUI - Get Free Report) last posted its 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 firm had revenue of $470.20 million during the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business's revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.19 earnings per share. Equities research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The business also recently announced 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 3.07%. Sun Communities's dividend payout ratio (DPR) is currently 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.