Levin Capital Strategies L.P. Takes $615,000 Position in Sun Communities, Inc. (NYSE:SUI)

Levin Capital Strategies L.P. acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,000 shares of the real estate investment trust’s stock, valued at approximately $615,000.

Several other hedge funds have also recently modified their holdings of SUI. FMR LLC increased its holdings in Sun Communities by 37.6% in the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after buying an additional 1,430,630 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Sun Communities by 1,061.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after buying an additional 1,209,522 shares during the period. Westfield Capital Management Co. LP increased its holdings in Sun Communities by 58.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock worth $129,728,000 after buying an additional 355,427 shares during the period. Adelante Capital Management LLC increased its holdings in Sun Communities by 168.7% in the 3rd quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust’s stock worth $75,566,000 after buying an additional 351,017 shares during the period. Finally, abrdn plc increased its holdings in Sun Communities by 343.5% in the 4th quarter. abrdn plc now owns 277,988 shares of the real estate investment trust’s stock worth $34,098,000 after buying an additional 215,314 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Trading Up 2.3 %

Shares of SUI stock opened at $136.29 on Friday. The stock’s fifty day moving average is $125.82 and its two-hundred day moving average is $129.61. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $17.36 billion, a P/E ratio of 73.27 and a beta of 0.90. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Research analysts expect 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 Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.76%. Sun Communities’s payout ratio is currently 508.11%.

Wall Street Analysts Forecast Growth

SUI has been the topic of several research reports. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Royal Bank of Canada lowered their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $155.00 to $134.00 in a research report on Thursday, November 14th. Wells Fargo & Company lowered their price objective on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Finally, Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $134.55.

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.