Sei Investments Co. Buys 172,924 Shares of Sun Communities, Inc. (NYSE:SUI)

Sei Investments Co. increased its stake in Sun Communities, Inc. (NYSE:SUI) by 26.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 819,369 shares of the real estate investment trust’s stock after acquiring an additional 172,924 shares during the period. Sei Investments Co.’s holdings in Sun Communities were worth $100,758,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of SUI. Mutual of America Capital Management LLC lifted its stake in shares of Sun Communities by 58.2% in the 3rd quarter. Mutual of America Capital Management LLC now owns 17,679 shares of the real estate investment trust’s stock valued at $2,389,000 after acquiring an additional 6,506 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Sun Communities in the 3rd quarter valued at about $390,000. Advisors Asset Management Inc. raised its position in Sun Communities by 22.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 13,677 shares of the real estate investment trust’s stock valued at $1,848,000 after purchasing an additional 2,521 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Sun Communities by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,075,541 shares of the real estate investment trust’s stock valued at $145,359,000 after purchasing an additional 3,254 shares during the last quarter. Finally, Cerity Partners LLC raised its position in Sun Communities by 56.4% during the 3rd quarter. Cerity Partners LLC now owns 31,346 shares of the real estate investment trust’s stock valued at $4,236,000 after purchasing an additional 11,305 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

Sun Communities stock opened at $131.00 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. The company has a market capitalization of $16.69 billion, a P/E ratio of 70.43 and a beta of 0.90. The stock’s 50 day moving average is $128.23 and its 200 day moving average is $129.46. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83.

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

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 2.87%. Sun Communities’s payout ratio is currently 508.11%.

Analysts Set New Price Targets

SUI has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Wells Fargo & Company lowered their price target 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. Jefferies Financial Group lowered their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Finally, Truist Financial upped their price target on Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Two equities 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $136.60.

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.