Swedbank AB Cuts Stake in Sun Communities, Inc. (NYSE:SUI)

Swedbank AB reduced its stake in Sun Communities, Inc. (NYSE:SUI) by 9.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 147,368 shares of the real estate investment trust’s stock after selling 15,000 shares during the quarter. Swedbank AB’s holdings in Sun Communities were worth $18,122,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SUI. Thurston Springer Miller Herd & Titak Inc. lifted its position in Sun Communities by 8.5% during the fourth 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 purchasing an additional 84 shares during the last quarter. Cascade Investment Advisors Inc. raised its stake in shares of Sun Communities by 0.8% during the fourth quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock valued at $1,276,000 after acquiring an additional 85 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Sun Communities by 15.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock valued at $92,000 after purchasing an additional 102 shares in the last quarter. Cetera Trust Company N.A lifted its position in Sun Communities by 6.0% during the fourth quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock valued at $229,000 after acquiring an additional 105 shares during the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in shares of Sun Communities by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust’s stock valued at $585,000 after purchasing an additional 125 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Up 0.4 %

NYSE SUI opened at $126.45 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. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83. The business’s fifty day simple moving average is $124.56 and its 200-day simple moving average is $129.59. The firm has a market cap of $16.11 billion, a PE ratio of 67.98 and a beta of 0.89.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates 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 in the prior year, the company posted $2.57 earnings per share. As a group, equities analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.76 annualized dividend and a yield of 2.97%. Sun Communities’s dividend payout ratio (DPR) is currently 202.15%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SUI shares. Truist Financial raised shares of Sun Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Evercore ISI lifted their price objective on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. UBS Group cut Sun Communities from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $155.00 to $134.00 in a report on Thursday, November 14th. Finally, Robert W. Baird downgraded shares of Sun Communities from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sun Communities presently has a consensus rating of “Hold” and a consensus price target of $134.55.

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.