Prudential Financial Inc. Purchases 291,329 Shares of Sun Communities, Inc. (NYSE:SUI)

Prudential Financial Inc. increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 138.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 501,216 shares of the real estate investment trust’s stock after acquiring an additional 291,329 shares during the period. Prudential Financial Inc. owned about 0.39% of Sun Communities worth $64,436,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brooklyn Investment Group bought a new stake in shares of Sun Communities during the third quarter worth $41,000. Smartleaf Asset Management LLC increased its position in Sun Communities by 45.1% in the 4th 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 raised its stake in shares of Sun Communities by 45.0% in the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 135 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Sun Communities during the third quarter worth approximately $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Sun Communities by 8.5% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 84 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Stock Down 0.4 %

Shares of NYSE SUI opened at $130.42 on Tuesday. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The stock has a market cap of $16.64 billion, a P/E ratio of 70.12 and a beta of 0.90. The firm has a 50 day moving average price of $128.39 and a 200 day moving average price of $129.36.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

Analyst Ratings Changes

Several research analysts recently weighed in on SUI shares. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Truist Financial raised their price target on Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a report on Monday, March 10th. Wells Fargo & Company dropped their price objective on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Finally, Jefferies Financial Group reduced their target price on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Two 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $136.60.

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.