Sun Communities, Inc. (NYSE:SUI) Stock Position Boosted by Michelson Medical Research Foundation Inc.

Michelson Medical Research Foundation Inc. grew its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 138.1% in the third quarter, Holdings Channel reports. The institutional investor owned 50,000 shares of the real estate investment trust’s stock after purchasing an additional 29,000 shares during the period. Sun Communities makes up 4.8% of Michelson Medical Research Foundation Inc.’s holdings, making the stock its 7th biggest holding. Michelson Medical Research Foundation Inc.’s holdings in Sun Communities were worth $6,758,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Investment Management Corp of Ontario grew its position in shares of Sun Communities by 50.3% in the 3rd quarter. Investment Management Corp of Ontario now owns 4,182 shares of the real estate investment trust’s stock valued at $565,000 after buying an additional 1,400 shares during the last quarter. Centiva Capital LP grew its holdings in shares of Sun Communities by 110.1% during the third quarter. Centiva Capital LP now owns 21,394 shares of the real estate investment trust’s stock worth $2,891,000 after purchasing an additional 11,210 shares during the last quarter. Atom Investors LP lifted its holdings in shares of Sun Communities by 197.5% in the 3rd quarter. Atom Investors LP now owns 12,922 shares of the real estate investment trust’s stock valued at $1,746,000 after purchasing an additional 8,578 shares during the last quarter. Paloma Partners Management Co acquired a new stake in shares of Sun Communities in the 3rd quarter valued at about $554,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Sun Communities during the 3rd quarter worth approximately $226,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Price Performance

Sun Communities stock opened at $127.05 on Wednesday. The stock has a market capitalization of $16.18 billion, a P/E ratio of 68.31, a P/E/G ratio of 0.53 and a beta of 0.88. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month 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. The firm’s 50-day moving average is $130.41 and its two-hundred day moving average is $128.00.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.20). The business had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.57 earnings per share. Equities analysts predict that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.96%. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

Analyst Ratings Changes

Several research firms have recently weighed in on SUI. Wells Fargo & Company increased their price objective on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. UBS Group cut shares of Sun Communities from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $155.00 to $134.00 in a research note on Thursday, November 14th. Jefferies Financial Group started coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective on the stock. BMO Capital Markets cut their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Finally, Truist Financial lifted their target price on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $139.08.

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.