Nomura Asset Management Co. Ltd. Sells 10,373 Shares of Sun Communities, Inc. (NYSE:SUI)

Nomura Asset Management Co. Ltd. decreased its holdings in Sun Communities, Inc. (NYSE:SUI) by 5.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 190,581 shares of the real estate investment trust’s stock after selling 10,373 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Sun Communities were worth $25,757,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC grew its stake 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 acquiring an additional 1,430,630 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Sun Communities by 1,061.4% in the 3rd 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. Daiwa Securities Group Inc. raised its stake in Sun Communities by 24.0% during the 2nd 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 buying an additional 424,842 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Sun Communities by 58.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock valued at $129,728,000 after buying an additional 355,427 shares during the period. Finally, Adelante Capital Management LLC boosted its stake in shares of Sun Communities by 168.7% in the 3rd quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust’s stock worth $75,566,000 after buying an additional 351,017 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SUI shares. UBS Group downgraded Sun Communities from a “buy” rating to a “neutral” rating and lowered their target price for the company from $155.00 to $134.00 in a report on Thursday, November 14th. Truist Financial raised their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Evercore ISI upped their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Wells Fargo & Company upped their price objective 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. Finally, StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $139.08.

Sun Communities Trading Down 1.4 %

Shares of SUI opened at $122.83 on Wednesday. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. 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 company’s fifty day moving average is $129.59 and its 200 day moving average is $128.12. The stock has a market capitalization of $15.65 billion, a PE ratio of 66.04, a P/E/G ratio of 0.52 and a beta of 0.88.

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

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Sun Communities Company 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.