Cibc World Markets Corp Acquires 2,239 Shares of Sun Communities, Inc. (NYSE:SUI)

Cibc World Markets Corp boosted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 5.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,472 shares of the real estate investment trust’s stock after purchasing an additional 2,239 shares during the period. Cibc World Markets Corp’s holdings in Sun Communities were worth $4,977,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SUI. FMR LLC lifted its holdings in Sun Communities by 37.6% during the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock valued at $707,329,000 after purchasing an additional 1,430,630 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 valued at $178,868,000 after purchasing an additional 1,209,522 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Sun Communities by 23.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock valued at $288,244,000 after purchasing an additional 442,557 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in Sun Communities by 58.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock valued at $129,728,000 after purchasing an additional 355,427 shares during the last quarter. Finally, Adelante Capital Management LLC lifted its holdings in Sun Communities by 168.7% during the 3rd quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust’s stock valued at $75,566,000 after purchasing an additional 351,017 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SUI. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Wells Fargo & Company dropped their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Truist Financial boosted their target price on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, Jefferies Financial Group dropped their target price on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $135.55.

Sun Communities Stock Down 0.9 %

Shares of NYSE:SUI opened at $131.65 on Thursday. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The company has a 50 day moving average of $127.85 and a 200-day moving average of $129.51. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a market cap of $16.77 billion, a price-to-earnings ratio of 70.78 and a beta of 0.90.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. On average, sell-side analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Monday, March 31st. 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.