Massachusetts Financial Services Co. MA Trims Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Massachusetts Financial Services Co. MA reduced its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 0.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,934,057 shares of the real estate investment trust’s stock after selling 19,089 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Sun Communities were worth $360,801,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Townsquare Capital LLC purchased a new stake in shares of Sun Communities during the third quarter worth $252,000. Public Sector Pension Investment Board lifted its holdings in Sun Communities by 29.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 16,208 shares of the real estate investment trust’s stock worth $2,191,000 after purchasing an additional 3,690 shares in the last quarter. PEAK6 Investments LLC purchased a new stake in Sun Communities during the 3rd quarter worth about $432,000. Point72 Hong Kong Ltd bought a new position in Sun Communities in the 3rd quarter worth about $60,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Sun Communities during the 3rd quarter valued at about $226,000. 99.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Truist Financial increased their price target on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Wells Fargo & Company lowered their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Jefferies Financial Group cut their price target 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, Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $136.60.

Sun Communities Stock Up 0.4 %

SUI opened at $128.99 on Thursday. The business’s fifty day simple moving average is $129.02 and its 200 day simple moving average is $128.77. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market cap of $16.46 billion, a PE ratio of 69.35 and a beta of 0.90.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

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 dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.91%. The ex-dividend date is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

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.