Swedbank AB Purchases 56,132 Shares of Sun Communities, Inc. (NYSE:SUI)

Swedbank AB lifted its holdings in Sun Communities, Inc. (NYSE:SUI) by 52.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 162,368 shares of the real estate investment trust’s stock after buying an additional 56,132 shares during the quarter. Swedbank AB owned approximately 0.13% of Sun Communities worth $21,944,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Assetmark Inc. increased its stake in Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares during the period. Quest Partners LLC lifted its holdings in Sun Communities by 12,700.0% during the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after buying an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Sun Communities in the 2nd quarter worth about $62,000. Farther Finance Advisors LLC increased its position in shares of Sun Communities by 89.1% during the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 236 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Sun Communities by 230.7% during the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after acquiring an additional 436 shares in the last quarter. 99.59% of the stock is owned by institutional investors.

Sun Communities Stock Up 1.2 %

Sun Communities stock opened at $128.98 on Tuesday. The business has a fifty day moving average price of $132.17 and a 200-day moving average price of $127.65. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The stock has a market capitalization of $16.43 billion, a price-to-earnings ratio of 69.34, a PEG ratio of 0.54 and a beta of 0.91. 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 (NYSE:SUI) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 3.21% and a net margin of 7.46%. Sun Communities’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.57 EPS. Equities research analysts forecast that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.92%. Sun Communities’s payout ratio is currently 202.15%.

Analyst Ratings Changes

SUI has been the topic of several research analyst reports. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. Robert W. Baird downgraded Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on Sun Communities in a report on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective for the company. Evercore ISI upped their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company raised their target price on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $139.08.

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.