Farther Finance Advisors LLC Acquires 236 Shares of Sun Communities, Inc. (NYSE:SUI)

Farther Finance Advisors LLC increased its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 89.1% during the third quarter, HoldingsChannel reports. The firm owned 501 shares of the real estate investment trust’s stock after buying an additional 236 shares during the period. Farther Finance Advisors LLC’s holdings in Sun Communities were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of SUI. Quest Partners LLC lifted its stake in Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 381 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of Sun Communities during the second quarter valued at approximately $62,000. Blue Trust Inc. lifted its position in Sun Communities by 230.7% during the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 436 shares during the period. Crewe Advisors LLC purchased a new stake in Sun Communities in the first quarter worth approximately $90,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Sun Communities by 15.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock worth $92,000 after purchasing an additional 102 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Down 2.3 %

NYSE SUI opened at $124.18 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The stock’s 50 day moving average is $135.16 and its 200 day moving average is $126.95. The stock has a market cap of $15.48 billion, a PE ratio of 66.76, a P/E/G ratio of 0.96 and a beta of 0.91.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.26%. The company had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. During the same period in the previous year, the business posted $2.57 earnings per share. The business’s revenue was down 4.4% on a year-over-year basis. Research analysts predict that Sun Communities, Inc. will post 6.76 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is 202.15%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Royal Bank of Canada lowered their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Evercore ISI raised their target price on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price target for the company. Bank of America downgraded shares of Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $147.00 to $114.00 in a report on Tuesday. Finally, Wells Fargo & Company upped their target price on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $139.50.

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.