Public Employees Retirement System of Ohio Cuts Holdings in Sun Communities, Inc. (NYSE:SUI)

Public Employees Retirement System of Ohio decreased its holdings in Sun Communities, Inc. (NYSE:SUI) by 0.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 211,903 shares of the real estate investment trust’s stock after selling 146 shares during the period. Public Employees Retirement System of Ohio’s holdings in Sun Communities were worth $26,058,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Cascade Investment Advisors Inc. increased its holdings in shares of Sun Communities by 0.8% in the 4th quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock valued at $1,276,000 after acquiring an additional 85 shares during the period. Utah Retirement Systems lifted its stake in shares of Sun Communities by 0.5% during the 4th quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust’s stock worth $2,521,000 after purchasing an additional 100 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Sun Communities by 17.2% during the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 123 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in 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 last quarter. Finally, Argonautica Private Wealth Management Inc. grew its stake in Sun Communities by 4.5% in the fourth quarter. Argonautica Private Wealth Management Inc. now owns 2,901 shares of the real estate investment trust’s stock valued at $357,000 after purchasing an additional 126 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

SUI has been the subject of several analyst reports. Robert W. Baird decreased their price target on shares of Sun Communities from $128.00 to $126.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Truist Financial decreased their target price on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. JMP Securities restated a “market outperform” rating and issued a $140.00 target price on shares of Sun Communities in a research note on Tuesday. Bank of America upped their price target on Sun Communities from $124.00 to $132.00 and gave the stock an “underperform” rating in a research report on Monday, May 12th. Finally, Jefferies Financial Group started coverage on Sun Communities in a research report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price objective 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 company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $138.70.

Sun Communities Trading Up 0.8%

NYSE:SUI opened at $119.95 on Friday. The company has a market capitalization of $15.31 billion, a P/E ratio of 64.49 and a beta of 0.86. 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, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The firm has a fifty day simple moving average of $124.37 and a 200-day simple moving average of $125.66.

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

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities’s payout ratio is 606.45%.

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.