Third Avenue Management LLC Trims Holdings in Sun Communities, Inc. $SUI

Key Points

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Third Avenue Management LLC lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 16.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,715 shares of the real estate investment trust's stock after selling 17,422 shares during the period. Sun Communities comprises approximately 2.3% of Third Avenue Management LLC's holdings, making the stock its 15th largest holding. Third Avenue Management LLC owned about 0.07% of Sun Communities worth $11,670,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in shares of Sun Communities during the 4th quarter worth approximately $16,051,000. Mariner LLC grew its holdings in shares of Sun Communities by 5.0% during the 4th quarter. Mariner LLC now owns 11,601 shares of the real estate investment trust's stock worth $1,427,000 after acquiring an additional 556 shares during the period. Capital International Investors purchased a new position in shares of Sun Communities during the 4th quarter worth approximately $54,709,000. GeoWealth Management LLC grew its holdings in shares of Sun Communities by 114.2% during the 4th quarter. GeoWealth Management LLC now owns 6,179 shares of the real estate investment trust's stock worth $760,000 after acquiring an additional 3,294 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Sun Communities by 2.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,829,816 shares of the real estate investment trust's stock worth $225,012,000 after acquiring an additional 49,404 shares during the period. Hedge funds and other institutional investors own 99.59% of the company's stock.

Analysts Set New Price Targets

SUI has been the topic of a number of research analyst reports. Barclays initiated coverage on Sun Communities in a report on Thursday, May 29th. They set an "overweight" rating and a $141.00 target price on the stock. Bank of America upped their target price on Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a report on Monday, May 12th. Deutsche Bank Aktiengesellschaft set a $135.00 target price on Sun Communities and gave the stock a "hold" rating in a report on Wednesday, June 25th. Colliers Securities assumed 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. Finally, Royal Bank Of Canada cut their price target on Sun Communities from $147.00 to $143.00 and set an "outperform" rating on the stock in a research note on Friday, August 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Sun Communities presently has an average rating of "Hold" and a consensus price target of $138.43.

Sun Communities Stock Performance

SUI stock opened at $125.39 on Tuesday. The stock has a market capitalization of $15.69 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 6.59 and a beta of 0.83. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The company has a current ratio of 7.08, a quick ratio of 7.08 and a debt-to-equity ratio of 0.55. The stock's 50 day simple moving average is $125.46 and its 200 day simple moving average is $125.74.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.09. The business had revenue of $623.50 million for the quarter, compared to analysts' expectations of $614.79 million. Sun Communities had a negative return on equity of 0.60% and a net margin of 48.86%. During the same period in the prior year, the firm posted $1.86 EPS. As a group, research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a $1.04 dividend. This is a boost from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Monday, June 30th. This represents a $4.16 annualized dividend and a yield of 3.3%. Sun Communities's payout ratio is currently 40.70%.

Insider Transactions at Sun Communities

In other Sun Communities news, Director Jeff Blau acquired 3,665 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average cost of $117.99 per share, with a total value of $432,433.35. Following the transaction, the director owned 3,665 shares of the company's stock, valued at $432,433.35. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.89% of the company's stock.

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.

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