Northern Trust Corp Boosts Stake in Sun Communities, Inc. (NYSE:SUI)

Northern Trust Corp grew its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 48.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,107,394 shares of the real estate investment trust's stock after buying an additional 360,774 shares during the period. Northern Trust Corp owned 0.87% of Sun Communities worth $136,176,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd lifted its position 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 acquiring an additional 232 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of 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 period. CKW Financial Group lifted its holdings in shares of Sun Communities by 45.0% during 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 purchased a new stake in Sun Communities in the fourth quarter valued at approximately $90,000. Finally, Quadrant Capital Group LLC increased its holdings in Sun Communities by 17.2% in 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 during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Shares of SUI stock traded down $5.80 during trading hours on Tuesday, hitting $124.60. 1,199,301 shares of the company's stock were exchanged, compared to its average volume of 832,244. 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 market cap of $15.90 billion, a P/E ratio of 66.99 and a beta of 0.86. 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 firm has a 50 day moving average of $126.90 and a two-hundred day moving average of $126.61.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping analysts' consensus estimates 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 company's quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.19 earnings per share. Sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities's dividend payout ratio is presently 508.11%.

Wall Street Analyst Weigh In

SUI has been the topic of several recent research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $140.00 price target (down from $150.00) on shares of Sun Communities in a report on Monday, April 21st. Royal Bank of Canada reissued an "outperform" rating on shares of Sun Communities in a report on Friday, February 28th. Truist Financial dropped their target price on Sun Communities from $142.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Finally, 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. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $135.70.

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.