Norges Bank Acquires New Position in Sun Communities, Inc. (NYSE:SUI)

Norges Bank bought a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,227,638 shares of the real estate investment trust’s stock, valued at approximately $888,783,000. Norges Bank owned 0.06% of Sun Communities at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new stake in shares of Sun Communities during the 3rd quarter worth approximately $41,000. Smartleaf Asset Management LLC boosted its position in Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 124 shares in the last quarter. CKW Financial Group grew its holdings in Sun Communities by 45.0% in the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 135 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Sun Communities in the third quarter valued at $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 84 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Down 1.5 %

SUI stock opened at $127.96 on Friday. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The stock has a market capitalization of $16.33 billion, a P/E ratio of 68.80 and a beta of 0.90. The company has a 50 day moving average price of $128.80 and a two-hundred day moving average price of $129.26. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS 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 business had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. As a group, sell-side analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.94%. Sun Communities’s payout ratio is currently 508.11%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SUI shares. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Truist Financial increased their price target on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Jefferies Financial Group dropped their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Finally, Wells Fargo & Company reduced their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $136.60.

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.