Sun Communities, Inc. (NYSE:SUI) Shares Bought by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD boosted its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 19.7% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 5,549,540 shares of the real estate investment trust's stock after purchasing an additional 911,857 shares during the period. Price T Rowe Associates Inc. MD owned approximately 4.36% of Sun Communities worth $682,429,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Virtu Financial LLC purchased a new position in Sun Communities during the third quarter valued at approximately $1,564,000. Central Pacific Bank Trust Division boosted its position in Sun Communities by 97.2% in the 4th quarter. Central Pacific Bank Trust Division now owns 3,500 shares of the real estate investment trust's stock worth $430,000 after purchasing an additional 1,725 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Sun Communities by 7.7% during the 4th quarter. Nordea Investment Management AB now owns 10,633 shares of the real estate investment trust's stock valued at $1,307,000 after purchasing an additional 756 shares in the last quarter. First Hawaiian Bank increased its holdings in shares of Sun Communities by 29.4% during the 4th quarter. First Hawaiian Bank now owns 22,440 shares of the real estate investment trust's stock valued at $2,759,000 after purchasing an additional 5,100 shares in the last quarter. Finally, Park Avenue Securities LLC lifted its stake in shares of Sun Communities by 4.4% in the 4th quarter. Park Avenue Securities LLC now owns 4,811 shares of the real estate investment trust's stock valued at $592,000 after purchasing an additional 203 shares during the period. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Price Performance

Shares of NYSE SUI traded down $0.37 during midday trading on Wednesday, hitting $122.90. The stock had a trading volume of 85,585 shares, compared to its average volume of 834,015. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a 50 day simple moving average of $127.13 and a 200-day simple moving average of $126.82. The company has a market capitalization of $15.68 billion, a PE ratio of 66.05 and a beta of 0.84. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings data 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. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. On average, sell-side analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.06%. Sun Communities's dividend payout ratio is presently 508.11%.

Analysts Set New Price Targets

SUI has been the topic of several analyst reports. JMP Securities restated a "market outperform" rating and set a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a research report on Monday, April 21st. Royal Bank of Canada restated an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Jefferies Financial Group assumed coverage on Sun Communities in a report on Tuesday, April 8th. They issued a "buy" rating and a $150.00 price target for the company. Finally, Truist Financial dropped their price objective on Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. 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. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $135.70.

Sun Communities 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.