Swiss National Bank Grows Stake in Sun Communities, Inc. (NYSE:SUI)

Swiss National Bank boosted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 0.4% during the third quarter, Holdings Channel reports. The firm owned 369,860 shares of the real estate investment trust’s stock after buying an additional 1,600 shares during the quarter. Swiss National Bank’s holdings in Sun Communities were worth $49,987,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Assetmark Inc. raised its position in Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 190 shares during the last quarter. Quest Partners LLC grew its holdings 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 buying an additional 381 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in Sun Communities during the second quarter worth $62,000. Farther Finance Advisors LLC raised its holdings in shares of Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 236 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after acquiring an additional 436 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

NYSE:SUI opened at $126.23 on Thursday. The firm’s fifty day simple moving average is $133.55 and its 200 day simple moving average is $127.33. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The firm has a market capitalization of $16.08 billion, a price-to-earnings ratio of 67.87, a PEG ratio of 0.53 and a beta of 0.91.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the prior year, the firm earned $2.57 EPS. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, equities research analysts expect that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SUI shares. Baird R W cut Sun Communities from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. BMO Capital Markets cut their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday. Truist Financial boosted their price target on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a report on Tuesday, August 13th. Finally, Royal Bank of Canada decreased their price objective on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a 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 $139.08.

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.