Sun Communities, Inc. (NYSE:SUI) Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC lowered its stake in Sun Communities, Inc. (NYSE:SUI) by 2.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 5,777 shares of the real estate investment trust’s stock after selling 130 shares during the quarter. Penserra Capital Management LLC’s holdings in Sun Communities were worth $780,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Bristlecone Advisors LLC lifted its position in shares of Sun Communities by 2.4% during the second quarter. Bristlecone Advisors LLC now owns 3,655 shares of the real estate investment trust’s stock worth $440,000 after purchasing an additional 85 shares in the last quarter. Toronto Dominion Bank lifted its holdings in Sun Communities by 0.8% in the 2nd quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock worth $1,434,000 after buying an additional 98 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Sun Communities by 15.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock valued at $92,000 after buying an additional 102 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of Sun Communities by 1.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock valued at $846,000 after acquiring an additional 115 shares in the last quarter. Finally, Avior Wealth Management LLC grew its stake in shares of Sun Communities by 3.0% during the third quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust’s stock valued at $585,000 after acquiring an additional 125 shares in the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SUI. BMO Capital Markets reduced their price target on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Truist Financial raised their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Wells Fargo & Company upped their price target on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and cut their target price for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $139.08.

Sun Communities Stock Up 1.2 %

Shares of Sun Communities stock opened at $128.59 on Thursday. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The stock has a market capitalization of $16.38 billion, a price-to-earnings ratio of 69.13, a PEG ratio of 0.54 and a beta of 0.91. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The business’s 50 day simple moving average is $131.53 and its 200-day simple moving average is $127.72.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same quarter in the previous year, the business posted $2.57 earnings per share. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. Equities research analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.94 dividend. 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%.

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.