Land & Buildings Investment Management LLC Sells 69,810 Shares of Sun Communities, Inc. (NYSE:SUI)

Land & Buildings Investment Management LLC cut its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 30.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 158,132 shares of the real estate investment trust's stock after selling 69,810 shares during the quarter. Sun Communities makes up about 3.9% of Land & Buildings Investment Management LLC's holdings, making the stock its 14th biggest position. Land & Buildings Investment Management LLC owned about 0.12% of Sun Communities worth $19,445,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Aster Capital Management DIFC Ltd boosted its stake in Sun Communities by 263.6% during the fourth 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 in the last quarter. Smartleaf Asset Management LLC increased its holdings in Sun Communities by 45.1% during the 4th 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 in the last quarter. CKW Financial Group raised its position in Sun Communities by 45.0% in the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock valued at $53,000 after purchasing an additional 135 shares during the last quarter. Natixis bought a new position in Sun Communities in the 4th quarter valued at $90,000. Finally, Quadrant Capital Group LLC lifted its position in Sun Communities by 17.2% during the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock worth $103,000 after buying an additional 123 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Stock Up 2.0%

SUI stock traded up $2.42 during mid-day trading on Thursday, reaching $121.04. The company had a trading volume of 645,421 shares, compared to its average volume of 835,596. The company has a market capitalization of $15.45 billion, a price-to-earnings ratio of 65.08 and a beta of 0.86. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The stock has a 50 day simple moving average of $125.48 and a two-hundred day simple moving average of $126.15. 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 (NYSE:SUI - Get Free Report) last released 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. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. During the same quarter in the prior year, the company earned $1.19 earnings per share. The business's revenue for the quarter was up .2% compared to the same quarter last year. As a group, equities analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given 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 3.11%. Sun Communities's payout ratio is presently 606.45%.

Analyst Ratings Changes

A number of brokerages have commented on SUI. Robert W. Baird decreased their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Jefferies Financial Group started coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price target on the stock. JMP Securities reiterated a "market outperform" rating and issued a $140.00 price objective (down from $150.00) on shares of Sun Communities in a research report on Monday, April 21st. Bank of America increased their price objective on shares of Sun Communities from $124.00 to $132.00 and gave the stock an "underperform" rating in a research report on Monday. Finally, Royal Bank of Canada dropped their target price on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $138.70.

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.