Arizona State Retirement System Increases Holdings in Sun Communities, Inc. (NYSE:SUI)

Arizona State Retirement System boosted its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 1.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,210 shares of the real estate investment trust’s stock after purchasing an additional 502 shares during the period. Arizona State Retirement System’s holdings in Sun Communities were worth $4,453,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Legacy Trust purchased a new position in Sun Communities during the 4th quarter valued at about $625,000. Aurora Investment Managers LLC. grew its holdings in shares of Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock worth $3,380,000 after acquiring an additional 2,435 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after acquiring an additional 108,054 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Sun Communities by 6.9% during the 3rd quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust’s stock worth $10,434,000 after acquiring an additional 5,008 shares during the period. Finally, VCI Wealth Management LLC purchased a new position in shares of Sun Communities during the 4th quarter worth approximately $1,312,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

NYSE SUI opened at $133.60 on Friday. The business’s fifty day moving average price is $126.73 and its 200-day moving average price is $129.69. The stock has a market capitalization of $17.02 billion, a price-to-earnings ratio of 71.83 and a beta of 0.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million for the quarter, compared to analysts’ expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. On average, equities analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SUI shares. Truist Financial upgraded Sun Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Wells Fargo & Company dropped their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. UBS Group cut Sun Communities from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $155.00 to $134.00 in a research report on Thursday, November 14th. Finally, Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Sun Communities presently has an average rating of “Hold” and a consensus price target of $134.55.

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.