Long Pond Capital LP Sells 357,039 Shares of Sun Communities, Inc. (NYSE:SUI)

Long Pond Capital LP cut its stake in Sun Communities, Inc. (NYSE:SUI) by 74.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 123,994 shares of the real estate investment trust’s stock after selling 357,039 shares during the period. Sun Communities comprises about 0.8% of Long Pond Capital LP’s investment portfolio, making the stock its 23rd largest position. Long Pond Capital LP owned 0.10% of Sun Communities worth $15,248,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in SUI. Aster Capital Management DIFC Ltd boosted its position in Sun Communities by 263.6% in 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 period. Smartleaf Asset Management LLC boosted its holdings in shares of Sun Communities by 45.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 124 shares during the period. CKW Financial Group grew its stake 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 worth $53,000 after purchasing an additional 135 shares in the last quarter. Quadrant Capital Group LLC increased its holdings 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 worth $103,000 after purchasing an additional 123 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in 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. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SUI shares. Truist Financial dropped their price target on Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Finally, Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $136.70.

Sun Communities Stock Down 0.5 %

Shares of Sun Communities stock opened at $121.81 on Thursday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The company has a market cap of $15.54 billion, a P/E ratio of 65.49 and a beta of 0.84. The firm’s 50 day moving average price is $127.70 and its 200-day moving average price is $127.31. Sun Communities, Inc. has a 52-week low of $109.22 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (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 business had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. On average, sell-side analysts predict 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 was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.09%. The ex-dividend date was Monday, March 31st. Sun Communities’s dividend payout ratio 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.