Resolution Capital Ltd Acquires 92,690 Shares of Sun Communities, Inc. (NYSE:SUI)

Resolution Capital Ltd increased its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 14.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 752,482 shares of the real estate investment trust's stock after buying an additional 92,690 shares during the quarter. Sun Communities accounts for approximately 1.7% of Resolution Capital Ltd's holdings, making the stock its 18th biggest holding. Resolution Capital Ltd owned about 0.59% of Sun Communities worth $92,533,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd lifted its position 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 valued at $39,000 after purchasing an additional 232 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Sun Communities by 45.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 124 shares in the last quarter. CKW Financial Group lifted its position in Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock valued at $53,000 after acquiring an additional 135 shares during the last quarter. Natixis acquired a new position in shares of Sun Communities in the 4th quarter valued at $90,000. Finally, Quadrant Capital Group LLC raised its position in Sun Communities by 17.2% during the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after acquiring an additional 123 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Price Performance

Sun Communities stock traded up $0.77 during mid-day trading on Tuesday, hitting $124.18. The company's stock had a trading volume of 151,393 shares, compared to its average volume of 803,485. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The stock's fifty day moving average price is $125.05 and its two-hundred day moving average price is $125.88. The stock has a market capitalization of $15.85 billion, a P/E ratio of 66.78 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.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.08. The business had revenue of $470.20 million for the quarter, compared to the consensus estimate of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm's quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the firm posted $1.19 earnings per share. Research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities's dividend payout ratio (DPR) is currently 606.45%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Royal Bank of Canada reduced their target price on shares of Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Robert W. Baird lowered their price objective on Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Truist Financial dropped their price objective on Sun Communities from $142.00 to $135.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Jefferies Financial Group assumed coverage on Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective on the stock. Finally, JMP Securities restated a "market outperform" rating and issued a $140.00 price target on shares of Sun Communities in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $138.70.

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.