Parr Mcknight Wealth Management Group LLC Takes Position in Sun Communities, Inc. (NYSE:SUI)

Parr Mcknight Wealth Management Group LLC purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,306 shares of the real estate investment trust’s stock, valued at approximately $1,021,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SUI. Exchange Traded Concepts LLC raised its holdings in shares of Sun Communities by 20.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,559 shares of the real estate investment trust’s stock valued at $192,000 after acquiring an additional 267 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Sun Communities by 18.0% in the fourth quarter. Fifth Third Bancorp now owns 6,544 shares of the real estate investment trust’s stock worth $805,000 after buying an additional 996 shares in the last quarter. Blue Trust Inc. boosted its position in Sun Communities by 86.2% during the fourth quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust’s stock worth $157,000 after acquiring an additional 539 shares during the last quarter. CKW Financial Group boosted its position in Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 135 shares during the last quarter. Finally, Cascade Investment Advisors Inc. grew its stake in Sun Communities by 0.8% during 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 in the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Truist Financial decreased their target price on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Robert W. Baird reduced their price objective on Sun Communities from $128.00 to $126.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Jefferies Financial Group began coverage on Sun Communities in a report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 target price for the company. Royal Bank of Canada cut their target price on Sun Communities from $154.00 to $147.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. Finally, JMP Securities reissued a “market outperform” rating and set a $140.00 price target on shares of Sun Communities in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $138.70.

Sun Communities Stock Up 0.8%

Shares of NYSE:SUI opened at $119.95 on Friday. The business has a 50-day moving average price of $124.37 and a 200 day moving average price of $125.66. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $15.31 billion, a price-to-earnings ratio of 64.49 and a beta of 0.86. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83.

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

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.94 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.13%. Sun Communities’s dividend payout ratio (DPR) is presently 606.45%.

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.