Duff & Phelps Investment Management Co. Sells 17,280 Shares of Sun Communities, Inc. (NYSE:SUI)

Duff & Phelps Investment Management Co. lessened its position in shares of Sun Communities, Inc. (NYSE:SUI) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 592,367 shares of the real estate investment trust’s stock after selling 17,280 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Sun Communities were worth $72,843,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of SUI. Brooklyn Investment Group bought a new position in shares of Sun Communities in the 3rd quarter valued at $41,000. Smartleaf Asset Management LLC lifted its position in shares of Sun Communities by 45.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 124 shares during the period. CKW Financial Group grew its holdings in Sun Communities by 45.0% during the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after acquiring an additional 135 shares during the period. Point72 Hong Kong Ltd bought a new stake in Sun Communities in the third quarter worth approximately $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after acquiring an additional 84 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $127.96 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The stock’s fifty day moving average is $128.80 and its 200 day moving average is $129.26. The stock has a market cap of $16.33 billion, a P/E ratio of 68.80 and a beta of 0.90. Sun Communities, Inc. has a one year low of $110.98 and a one year 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 analysts’ consensus estimates 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 net margin of 7.46% and a return on equity of 3.21%. Sell-side analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.94%. Sun Communities’s dividend payout ratio is presently 508.11%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SUI. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Truist Financial lifted their price target on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Wells Fargo & Company lowered their price target on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Finally, Jefferies Financial Group cut their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $136.60.

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.