Gulf International Bank UK Ltd Reduces Stake in Sun Communities, Inc. (NYSE:SUI)

Gulf International Bank UK Ltd lowered its holdings in Sun Communities, Inc. (NYSE:SUI) by 2.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,717 shares of the real estate investment trust’s stock after selling 216 shares during the period. Gulf International Bank UK Ltd’s holdings in Sun Communities were worth $1,194,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SUI. International Assets Investment Management LLC lifted its holdings in Sun Communities by 13,314.2% in the 3rd quarter. International Assets Investment Management LLC now owns 17,975 shares of the real estate investment trust’s stock worth $2,429,000 after buying an additional 17,841 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Sun Communities by 5.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,338 shares of the real estate investment trust’s stock worth $862,000 after buying an additional 308 shares during the period. abrdn plc lifted its holdings in Sun Communities by 6.6% in the 3rd quarter. abrdn plc now owns 62,674 shares of the real estate investment trust’s stock worth $8,470,000 after buying an additional 3,886 shares during the period. First Trust Direct Indexing L.P. purchased a new stake in Sun Communities in the 3rd quarter worth approximately $235,000. Finally, Farther Finance Advisors LLC lifted its holdings in Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after buying an additional 236 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Robert W. Baird cut Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Royal Bank of Canada lowered their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Wells Fargo & Company lowered their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Finally, UBS Group cut 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 research note on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $134.55.

Sun Communities Stock Up 2.3 %

SUI stock opened at $136.29 on Friday. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm has a market cap of $17.36 billion, a PE ratio of 73.27 and a beta of 0.90. The business has a 50 day moving average of $125.82 and a 200 day moving average of $129.61.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. On average, research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s payout ratio is 508.11%.

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.