Nissay Asset Management Corp Japan ADV Purchases 779 Shares of Sun Communities, Inc. (NYSE:SUI)

Nissay Asset Management Corp Japan ADV increased its position in Sun Communities, Inc. (NYSE:SUI) by 2.5% during the 4th quarter, Holdings Channel reports. The firm owned 32,217 shares of the real estate investment trust’s stock after acquiring an additional 779 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Sun Communities were worth $3,984,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of SUI. Norges Bank bought a new position in Sun Communities in the fourth quarter worth approximately $888,783,000. Cohen & Steers Inc. lifted its holdings in Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock worth $2,013,414,000 after buying an additional 3,811,528 shares during the period. Dodge & Cox lifted its holdings in Sun Communities by 61.1% during the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock worth $1,181,252,000 after buying an additional 3,644,853 shares during the period. FMR LLC lifted its holdings in Sun Communities by 51.3% during the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock worth $973,660,000 after buying an additional 2,684,214 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Sun Communities by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock worth $682,429,000 after buying an additional 911,857 shares during the period. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Up 1.8%

Shares of NYSE:SUI opened at $123.43 on Friday. The business’s 50-day moving average is $125.14 and its 200 day moving average is $126.02. Sun Communities, Inc. has a 1 year low of $109.22 and a 1 year high of $147.83. The firm has a market capitalization of $15.75 billion, a P/E ratio of 66.36 and a beta of 0.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities (NYSE:SUI) last announced its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.08. The company had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.19 EPS. On average, research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Monday, March 31st. Sun Communities’s dividend payout ratio is presently 606.45%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SUI. Royal Bank of Canada lowered their target price on Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. Robert W. Baird lowered their target price on Sun Communities from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. JMP Securities restated a “market outperform” rating and set a $140.00 target price (down previously from $150.00) on shares of Sun Communities in a report on Monday, April 21st. Truist Financial lowered their target price on Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, Jefferies Financial Group assumed coverage on Sun Communities in a report on Tuesday, April 8th. They set a “buy” rating and a $150.00 target price for the company. Two investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $138.70.

Sun Communities Company 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.