Maryland State Retirement & Pension System Reduces Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Maryland State Retirement & Pension System cut its position in shares of Sun Communities, Inc. (NYSE:SUI) by 6.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,585 shares of the real estate investment trust’s stock after selling 461 shares during the period. Maryland State Retirement & Pension System’s holdings in Sun Communities were worth $810,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SUI. Brooklyn Investment Group purchased a new stake in shares of Sun Communities during the 3rd quarter valued at approximately $41,000. Smartleaf Asset Management LLC increased its stake in 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 acquiring an additional 124 shares during the last quarter. CKW Financial Group raised its position in Sun Communities by 45.0% in the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 135 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Sun Communities in the third quarter valued at $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock worth $131,000 after purchasing an additional 84 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SUI has been the topic of several research analyst reports. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Truist Financial increased their price objective on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Wells Fargo & Company cut their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Finally, Jefferies Financial Group lowered their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $136.60.

Sun Communities Trading Down 0.5 %

NYSE:SUI opened at $131.00 on Monday. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The firm has a market cap of $16.69 billion, a PE ratio of 70.43 and a beta of 0.90. 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 stock has a fifty day moving average price of $128.23 and a 200 day moving average price of $129.41.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data 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. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. Sell-side analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s dividend payout ratio is presently 508.11%.

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.