Freestone Grove Partners LP Invests $716,000 in Sun Communities, Inc. (NYSE:SUI)

Freestone Grove Partners LP bought a new stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 5,821 shares of the real estate investment trust's stock, valued at approximately $716,000.

A number of other hedge funds have also made changes to their positions in the stock. Aster Capital Management DIFC Ltd lifted its holdings in Sun Communities by 263.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock worth $39,000 after buying an additional 232 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 124 shares during the last quarter. CKW Financial Group boosted its holdings in Sun Communities by 45.0% in the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock worth $53,000 after purchasing an additional 135 shares during the period. Natixis acquired a new position in Sun Communities in the fourth quarter worth $90,000. Finally, Quadrant Capital Group LLC increased its stake in Sun Communities by 17.2% during the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after purchasing an additional 123 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Stock Performance

Shares of NYSE SUI traded down $0.21 during midday trading on Wednesday, reaching $124.46. 1,196,661 shares of the company traded hands, compared to its average volume of 833,026. The stock has a 50-day moving average price of $126.73 and a 200 day moving average price of $126.60. The company has a market cap of $15.88 billion, a price-to-earnings ratio of 66.91 and a beta of 0.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. 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 data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.08. The business 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 was up .2% on a year-over-year basis. During the same period last year, the firm posted $1.19 earnings per share. Sell-side analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.94 per share. 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 3.02%. Sun Communities's dividend payout ratio (DPR) is presently 508.11%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SUI shares. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target for the company. Truist Financial decreased their target price on Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Royal Bank of Canada cut their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a report on Wednesday. Finally, JMP Securities restated a "market outperform" rating and set a $140.00 price objective (down previously from $150.00) on shares of Sun Communities in a research report on Monday, April 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Sun Communities presently has an average rating of "Hold" and an average price target of $136.90.

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.