PNC Financial Services Group Inc. Trims Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

PNC Financial Services Group Inc. reduced its stake in Sun Communities, Inc. (NYSE:SUI) by 5.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,402 shares of the real estate investment trust’s stock after selling 147 shares during the period. PNC Financial Services Group Inc.’s holdings in Sun Communities were worth $295,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SUI. Brooklyn Investment Group acquired a new position in Sun Communities in the 3rd quarter valued at about $41,000. Smartleaf Asset Management LLC grew its position in shares of 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 buying an additional 124 shares in the last quarter. CKW Financial Group grew its position in shares of Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 135 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Sun Communities during the third quarter worth about $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Sun Communities by 8.5% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 84 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Trading Down 0.5 %

Shares of SUI stock opened at $131.00 on Friday. The business’s fifty day moving average price is $128.23 and its 200 day moving average price is $129.50. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The firm has a market capitalization of $16.69 billion, a PE ratio of 70.43 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 (NYSE:SUI) last announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping 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 firm had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. As a group, sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.87%. The ex-dividend date is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is 508.11%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Jefferies Financial Group lowered their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Truist Financial boosted their price objective on Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Wells Fargo & Company reduced their price objective 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sun Communities presently 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.