Raymond James Financial Inc. Buys Shares of 130,527 Sun Communities, Inc. (NYSE:SUI)

Raymond James Financial Inc. bought a new position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 130,527 shares of the real estate investment trust's stock, valued at approximately $16,051,000. Raymond James Financial Inc. owned 0.10% of Sun Communities at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SUI. Norges Bank bought a new position in shares of Sun Communities during the fourth quarter worth approximately $888,783,000. FMR LLC increased its stake in Sun Communities by 51.3% during the 4th 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 period. Daiwa Securities Group Inc. raised its holdings in Sun Communities by 23.3% in the 4th 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 acquiring an additional 442,557 shares in the last quarter. Prudential Financial Inc. raised its holdings in Sun Communities by 138.8% in the 4th quarter. Prudential Financial Inc. now owns 501,216 shares of the real estate investment trust's stock valued at $64,436,000 after acquiring an additional 291,329 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Sun Communities by 40.4% during the 4th quarter. Russell Investments Group Ltd. now owns 930,216 shares of the real estate investment trust's stock valued at $114,388,000 after acquiring an additional 267,695 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SUI has been the subject of a number of analyst reports. JMP Securities reaffirmed a "market outperform" rating and issued a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a research note on Monday, April 21st. Truist Financial dropped their target price on shares of Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Royal Bank of Canada reiterated an "outperform" rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Sun Communities has a consensus rating of "Hold" and a consensus price target of $135.70.

Sun Communities Price Performance

SUI traded up $0.05 on Friday, reaching $122.25. The stock had a trading volume of 547,892 shares, compared to its average volume of 838,048. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $15.60 billion, a price-to-earnings ratio of 65.73 and a beta of 0.84. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The firm has a 50-day moving average of $127.22 and a 200-day moving average of $126.90.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. As a group, sell-side analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors 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 yield of 3.08%. Sun Communities's payout ratio is 508.11%.

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.