Tributary Capital Management LLC Decreases Stake in Sun Communities, Inc. (NYSE:SUI)

Tributary Capital Management LLC cut its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 4.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,085 shares of the real estate investment trust’s stock after selling 100 shares during the quarter. Tributary Capital Management LLC’s holdings in Sun Communities were worth $256,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. grew its position in Sun Communities by 8.5% during the fourth 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 period. Toronto Dominion Bank grew its holdings in shares of 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 acquiring an additional 98 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake 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 purchasing an additional 102 shares in the last quarter. Cetera Trust Company N.A raised its holdings in Sun Communities by 6.0% during the fourth quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock worth $229,000 after purchasing an additional 105 shares during the last quarter. Finally, Avior Wealth Management LLC raised its holdings in 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 worth $585,000 after purchasing an additional 125 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Stock Performance

NYSE SUI opened at $127.39 on Friday. 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 company has a market capitalization of $16.23 billion, a PE ratio of 68.49, a price-to-earnings-growth ratio of 0.51 and a beta of 0.89. The business’s 50-day moving average price is $124.52 and its 200 day moving average price is $129.41. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83.

Sun Communities (NYSE:SUI) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). The company had revenue of $939.90 million during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $2.57 earnings per share. On average, research analysts predict that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s dividend payout ratio (DPR) is currently 202.15%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SUI shares. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. BMO Capital Markets reduced their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Royal Bank of Canada dropped their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Finally, Jefferies Financial Group reduced their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $135.69.

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.