Legal & General Group Plc lowered its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 20.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,001,399 shares of the real estate investment trust's stock after selling 261,152 shares during the period. Legal & General Group Plc owned about 0.79% of Sun Communities worth $123,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC lifted its stake in 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 worth $973,660,000 after acquiring an additional 2,684,214 shares during the last quarter. Norges Bank acquired a new position in shares of Sun Communities during the fourth quarter worth $888,783,000. Daiwa Securities Group Inc. increased its holdings in Sun Communities by 23.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust's stock valued at $288,244,000 after buying an additional 442,557 shares during the last quarter. Geode Capital Management LLC raised its stake in Sun Communities by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 2,143,173 shares of the real estate investment trust's stock valued at $263,069,000 after buying an additional 48,846 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Sun Communities by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust's stock worth $138,149,000 after buying an additional 47,899 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on SUI. Jefferies Financial Group started coverage on shares of Sun Communities in a report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective on the stock. Royal Bank of Canada reissued an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Truist Financial decreased their price objective on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $136.70.
View Our Latest Stock Analysis on Sun Communities
Sun Communities Stock Performance
NYSE:SUI traded up $0.17 during mid-day trading on Wednesday, reaching $122.65. The stock had a trading volume of 107,349 shares, compared to its average volume of 826,137. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The business has a 50 day simple moving average of $127.76 and a 200 day simple moving average of $127.35. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The firm has a market capitalization of $15.65 billion, a price-to-earnings ratio of 65.94 and a beta of 0.84.
Sun Communities (NYSE:SUI - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. The firm had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. On average, analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.
Sun Communities Dividend Announcement
The business also recently declared 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 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 is presently 508.11%.
Sun Communities Company Profile
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Free Report)
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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