Fmr LLC Purchases 2,684,214 Shares of Sun Communities, Inc. (NYSE:SUI)

Fmr LLC boosted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 51.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,917,870 shares of the real estate investment trust’s stock after buying an additional 2,684,214 shares during the quarter. Fmr LLC owned approximately 0.06% of Sun Communities worth $973,660,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SUI. Legacy Trust bought a new position in shares of Sun Communities during the fourth quarter valued at about $625,000. Aurora Investment Managers LLC. raised its position in Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock valued at $3,380,000 after purchasing an additional 2,435 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock valued at $95,885,000 after purchasing an additional 108,054 shares during the last quarter. VCI Wealth Management LLC purchased a new stake in Sun Communities in the 4th quarter worth approximately $1,312,000. Finally, Vert Asset Management LLC grew its position in shares of Sun Communities by 9.9% in the 4th quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust’s stock worth $6,897,000 after buying an additional 5,060 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

SUI has been the subject of a number of recent analyst reports. Jefferies Financial Group decreased their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Wells Fargo & Company cut 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. Finally, Truist Financial boosted their price target on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Sun Communities has an average rating of “Hold” and an average target price of $136.60.

Sun Communities Price Performance

Shares of SUI opened at $119.25 on Tuesday. The firm’s 50-day simple moving average is $128.80 and its two-hundred day simple moving average is $128.24. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The stock has a market cap of $15.22 billion, a PE ratio of 64.12 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Monday, March 31st. Sun Communities’s dividend payout ratio is presently 508.11%.

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.