By otakuyassine3@gmail.com 
JPMorgan Chase & Co. decreased its holdings in Sun Communities, Inc. (NYSE:SUI – Free Report) by 9.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 899,942 shares of the real estate investment trust’s stock after selling 90,134 shares during the period. JPMorgan Chase & Co. owned about 0.71% of Sun Communities worth $110,666,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of SUI. Daiwa Securities Group Inc. lifted its stake in shares of 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 worth $288,244,000 after purchasing an additional 442,557 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Sun Communities by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock valued at $138,149,000 after buying an additional 47,899 shares in the last quarter. Sei Investments Co. grew its position in shares of Sun Communities by 26.7% in the 4th quarter. Sei Investments Co. now owns 819,369 shares of the real estate investment trust’s stock worth $100,758,000 after buying an additional 172,924 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after acquiring an additional 108,054 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Sun Communities by 12.3% during the fourth quarter. Bank of New York Mellon Corp now owns 552,888 shares of the real estate investment trust’s stock valued at $67,989,000 after acquiring an additional 60,589 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.
Sun Communities Stock Performance
NYSE SUI opened at $128.99 on Thursday. The firm has a market capitalization of $16.46 billion, a P/E ratio of 69.35 and a beta of 0.90. The stock has a 50-day simple moving average of $129.02 and a two-hundred day simple moving average of $128.77. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83.
Sun Communities (NYSE:SUI – Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $745.90 million during 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 analysts forecast 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. Shareholders of record on Monday, March 31st will be given a dividend of $0.94 per share. 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 2.91%. Sun Communities’s dividend payout ratio is currently 508.11%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on SUI. Jefferies Financial Group reduced their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock 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 decreased their price objective on shares of 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. Finally, Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $136.60.
Check Out Our Latest Stock Report on SUI
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.
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