Korea Investment CORP Increases Stock Position in Sun Communities, Inc. (NYSE:SUI)

Korea Investment CORP lifted its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 4.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,618 shares of the real estate investment trust’s stock after buying an additional 5,500 shares during the period. Korea Investment CORP’s holdings in Sun Communities were worth $14,341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Prudential Financial Inc. boosted its position in shares of Sun Communities by 138.8% during the 4th quarter. Prudential Financial Inc. now owns 501,216 shares of the real estate investment trust’s stock worth $64,436,000 after purchasing an additional 291,329 shares in the last quarter. Cannon Global Investment Management LLC purchased a new position in Sun Communities in the fourth quarter valued at about $1,021,000. LPL Financial LLC lifted its position in shares of Sun Communities by 22.3% during the 4th quarter. LPL Financial LLC now owns 25,560 shares of the real estate investment trust’s stock valued at $3,143,000 after acquiring an additional 4,665 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Sun Communities during the 4th quarter worth approximately $5,285,000. Finally, Sei Investments Co. grew its holdings in shares of Sun Communities by 26.7% in the 4th quarter. Sei Investments Co. now owns 819,369 shares of the real estate investment trust’s stock worth $100,758,000 after acquiring an additional 172,924 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Performance

NYSE:SUI opened at $130.04 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market cap of $16.59 billion, a PE ratio of 69.91 and a beta of 0.90. The firm has a 50 day simple moving average of $128.88 and a 200-day simple moving average of $129.02. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI) last issued 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. 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 the consensus estimate of $724.68 million. On average, equities analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Monday, March 31st. Sun Communities’s payout ratio is 508.11%.

Analyst Upgrades and Downgrades

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

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.