The Manufacturers Life Insurance Company Decreases Position in Sun Communities, Inc. (NYSE:SUI)

The Manufacturers Life Insurance Company lowered its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 29.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,657 shares of the real estate investment trust's stock after selling 5,305 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Sun Communities were worth $1,556,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Aster Capital Management DIFC Ltd lifted its stake in Sun Communities by 263.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 232 shares during the last quarter. Smartleaf Asset Management LLC raised its stake 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 valued at $49,000 after acquiring an additional 124 shares in the last quarter. CKW Financial Group lifted its holdings in shares of Sun Communities by 45.0% in the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust's stock worth $53,000 after buying an additional 135 shares during the period. Natixis bought a new stake in shares of Sun Communities in the fourth quarter valued at about $90,000. Finally, Quadrant Capital Group LLC increased its position in Sun Communities by 17.2% during the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust's stock valued at $103,000 after purchasing an additional 123 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Sun Communities from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Bank of America lifted their price target on Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday. JMP Securities reissued a "market outperform" rating and issued a $140.00 price target (down from $150.00) on shares of Sun Communities in a research report on Monday, April 21st. Jefferies Financial Group initiated coverage on Sun Communities in a research report on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective on the stock. Finally, Royal Bank of Canada decreased their price target 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. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $138.70.

Sun Communities Stock Performance

Shares of NYSE:SUI traded down $5.29 during trading on Wednesday, hitting $119.01. The stock had a trading volume of 988,366 shares, compared to its average volume of 834,890. 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, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83. The stock has a market capitalization of $15.19 billion, a price-to-earnings ratio of 63.98 and a beta of 0.86. The stock has a 50-day simple moving average of $125.77 and a two-hundred day simple moving average of $126.20.

Sun Communities (NYSE:SUI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.08. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $470.20 million during the quarter, compared to analyst estimates of $538.63 million. During the same quarter last year, the business posted $1.19 EPS. The company's revenue was up .2% on a year-over-year basis. On average, equities research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently declared 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 3.16%. Sun Communities's payout ratio is 606.45%.

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.