Sun Communities, Inc. (NYSE:SUI) Position Lessened by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 3.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,195 shares of the real estate investment trust’s stock after selling 86 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Sun Communities were worth $297,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SUI. Price T Rowe Associates Inc. MD grew its position in shares of Sun Communities by 50.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after acquiring an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Sun Communities by 3.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock worth $354,986,000 after purchasing an additional 111,569 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after purchasing an additional 424,842 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Sun Communities by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock valued at $214,752,000 after buying an additional 10,592 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Sun Communities by 5.5% during the first quarter. Canada Pension Plan Investment Board now owns 1,422,792 shares of the real estate investment trust’s stock worth $182,943,000 after buying an additional 74,310 shares during the period. 99.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on SUI. Jefferies Financial Group initiated coverage on Sun Communities in a research report on Thursday, October 17th. They issued a “buy” rating and a $160.00 target price on the stock. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. StockNews.com raised shares of Sun Communities from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Royal Bank of Canada reduced their price target on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $139.08.

Sun Communities Trading Up 0.9 %

Shares of NYSE SUI opened at $125.16 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a market cap of $15.94 billion, a price-to-earnings ratio of 67.29, a P/E/G ratio of 0.53 and a beta of 0.91. The business has a fifty day simple moving average of $134.14 and a 200-day simple moving average of $127.00.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). The firm had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Sun Communities’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the firm earned $2.57 earnings per share. Sell-side analysts predict that Sun Communities, Inc. will post 6.75 EPS for the current year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 3.00%. Sun Communities’s dividend payout ratio is presently 202.15%.

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.