Fmr LLC Boosts Holdings in Sun Communities, Inc. (NYSE:SUI)

Fmr LLC raised its stake in Sun Communities, Inc. (NYSE:SUI) by 51.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,917,870 shares of the real estate investment trust’s stock after acquiring an additional 2,684,214 shares during the quarter. Fmr LLC owned approximately 6.22% of Sun Communities worth $973,660,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of SUI. Aster Capital Management DIFC Ltd lifted its position in shares of 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 valued at $39,000 after buying an additional 232 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 124 shares in the last quarter. CKW Financial Group lifted its stake in shares of Sun Communities by 45.0% during the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 135 shares in the last quarter. Quadrant Capital Group LLC boosted 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. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in Sun Communities by 8.5% in the 4th 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 buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Sun Communities Stock Performance

Shares of NYSE SUI opened at $119.25 on Tuesday. The stock’s 50-day moving average is $128.80 and its 200 day moving average is $128.24. The stock has a market cap of $15.22 billion, a price-to-earnings ratio of 64.12 and a beta of 0.84. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. On average, sell-side analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.15%. Sun Communities’s payout ratio is 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.