DnB Asset Management AS Buys 1,036 Shares of Sun Communities, Inc. (NYSE:SUI)

DnB Asset Management AS increased its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 4.9% in the fourth quarter, HoldingsChannel reports. The firm owned 22,170 shares of the real estate investment trust’s stock after buying an additional 1,036 shares during the period. DnB Asset Management AS’s holdings in Sun Communities were worth $2,726,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its holdings in shares of Sun Communities by 53.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 106,103 shares of the real estate investment trust’s stock valued at $14,340,000 after buying an additional 36,828 shares in the last quarter. Townsquare Capital LLC purchased a new stake in Sun Communities during the third quarter valued at approximately $252,000. Public Sector Pension Investment Board boosted its stake 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 valued at $2,191,000 after acquiring an additional 3,690 shares in the last quarter. PEAK6 Investments LLC purchased a new position in Sun Communities in the third quarter worth $432,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Sun Communities during the third quarter worth $60,000. Institutional investors own 99.59% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Jefferies Financial Group lowered their price objective 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. Truist Financial raised their price target on 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 cut their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Finally, Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $136.60.

Sun Communities Stock Down 1.3 %

NYSE:SUI opened at $128.53 on Tuesday. The firm has a market capitalization of $16.40 billion, a P/E ratio of 69.10 and a beta of 0.90. The company’s fifty day moving average price is $128.93 and its 200-day moving average price is $128.91. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. 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 issued its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) 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 analysts’ expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, equities research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

The company 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 dividend of $0.94 per share. The ex-dividend date is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.93%. Sun Communities’s payout ratio is 508.11%.

Sun Communities 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.