Wells Fargo & Company MN Has $29.43 Million Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Wells Fargo & Company MN reduced its stake in Sun Communities, Inc. (NYSE:SUI) by 12.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 239,311 shares of the real estate investment trust’s stock after selling 35,590 shares during the period. Wells Fargo & Company MN owned 0.19% of Sun Communities worth $29,428,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Smartleaf Asset Management LLC lifted its holdings in shares of 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 worth $49,000 after purchasing an additional 124 shares in the last quarter. CKW Financial Group lifted 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 valued at $53,000 after buying an additional 135 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Sun Communities by 8.5% in 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 buying an additional 84 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Sun Communities by 86.2% during the fourth quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust’s stock valued at $157,000 after buying an additional 539 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its position in shares of Sun Communities by 20.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,559 shares of the real estate investment trust’s stock worth $192,000 after acquiring an additional 267 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SUI. Truist Financial decreased their price objective on Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a report on Thursday. Jefferies Financial Group began coverage on Sun Communities in a research report on Tuesday. They issued a “buy” rating and a $150.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $136.70.

Sun Communities Trading Up 1.2 %

Shares of Sun Communities stock opened at $120.36 on Friday. The firm has a market cap of $15.36 billion, a PE ratio of 64.71 and a beta of 0.84. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a fifty day moving average price of $127.89 and a 200-day moving average price of $127.53.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Equities research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.94 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.12%. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

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.