Massachusetts Financial Services Co. MA Sells 19,089 Shares of Sun Communities, Inc. (NYSE:SUI)

Massachusetts Financial Services Co. MA decreased its stake in Sun Communities, Inc. (NYSE:SUI) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,934,057 shares of the real estate investment trust’s stock after selling 19,089 shares during the period. Massachusetts Financial Services Co. MA owned about 2.30% of Sun Communities worth $360,801,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Sun Communities in the 4th quarter valued at $888,783,000. Daiwa Securities Group Inc. grew its holdings in shares of Sun Communities by 23.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock worth $288,244,000 after purchasing an additional 442,557 shares during the last quarter. Geode Capital Management LLC raised its holdings in Sun Communities by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 2,143,173 shares of the real estate investment trust’s stock valued at $263,069,000 after buying an additional 48,846 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Sun Communities by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock worth $138,149,000 after buying an additional 47,899 shares during the period. Finally, Sei Investments Co. grew its holdings in Sun Communities by 26.7% during the 4th quarter. Sei Investments Co. now owns 819,369 shares of the real estate investment trust’s stock worth $100,758,000 after acquiring an additional 172,924 shares during the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group dropped their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Truist Financial raised their price objective on Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Wells Fargo & Company reduced their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Finally, Royal Bank of Canada restated 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $136.60.

Sun Communities Stock Up 0.4 %

Shares of NYSE:SUI opened at $128.99 on Thursday. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The company has a market capitalization of $16.46 billion, a PE ratio of 69.35 and a beta of 0.90. The business has a fifty day moving average price of $129.02 and a two-hundred day moving average price of $128.77. 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 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%. Analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is 508.11%.

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.