Sun Communities, Inc. (NYSE:SUI) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Sun Communities, Inc. (NYSE:SUI) by 8.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 171,513 shares of the real estate investment trust’s stock after buying an additional 13,619 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Sun Communities were worth $21,391,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its stake in Sun Communities by 53.2% in the third quarter. BNP Paribas Financial Markets now owns 106,103 shares of the real estate investment trust’s stock valued at $14,340,000 after acquiring an additional 36,828 shares during the period. Townsquare Capital LLC bought a new stake in shares of Sun Communities in the 3rd quarter worth approximately $252,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Sun Communities during the 3rd quarter valued at approximately $3,818,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Sun Communities by 1,061.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after buying an additional 1,209,522 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its position in Sun Communities by 29.5% in the third quarter. Public Sector Pension Investment Board now owns 16,208 shares of the real estate investment trust’s stock worth $2,191,000 after buying an additional 3,690 shares during the period. 99.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SUI has been the subject of several analyst reports. Jefferies Financial Group reduced their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Truist Financial raised their price target on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, Wells Fargo & Company reduced their price objective on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $136.60.

Sun Communities Stock Performance

SUI opened at $130.04 on Monday. 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 $16.59 billion, a price-to-earnings ratio of 69.91 and a beta of 0.90. The business has a 50 day moving average price of $128.88 and a two-hundred day moving average price of $129.02. 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 announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.89%. Sun Communities’s dividend payout ratio is currently 508.11%.

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.