Point72 Hong Kong Ltd Makes New Investment in Sun Communities, Inc. (NYSE:SUI)

Point72 Hong Kong Ltd acquired a new position in Sun Communities, Inc. (NYSE:SUI) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 448 shares of the real estate investment trust’s stock, valued at approximately $60,000.

A number of other institutional investors also recently made changes to their positions in SUI. FMR LLC grew its holdings in shares of Sun Communities by 37.6% in the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after purchasing an additional 1,430,630 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Sun Communities by 3.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock worth $354,986,000 after acquiring an additional 111,569 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after acquiring an additional 424,842 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Sun Communities by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock valued at $214,752,000 after acquiring an additional 10,592 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Sun Communities by 1,061.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after purchasing an additional 1,209,522 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. Wells Fargo & Company raised their price target on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Evercore ISI boosted their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. BMO Capital Markets dropped their target price 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, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Sun Communities has an average rating of “Hold” and a consensus target price of $139.08.

Sun Communities Price Performance

SUI stock opened at $127.05 on Wednesday. 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 firm has a market capitalization of $16.18 billion, a price-to-earnings ratio of 68.31, a PEG ratio of 0.53 and a beta of 0.88. The firm has a 50 day moving average price of $130.41 and a 200-day moving average price of $128.00. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83.

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

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.96%. Sun Communities’s dividend payout ratio is currently 202.15%.

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.