Wells Fargo & Company MN Sells 35,590 Shares of Sun Communities, Inc. (NYSE:SUI)

Wells Fargo & Company MN lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 12.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 239,311 shares of the real estate investment trust’s stock after selling 35,590 shares during the period. Wells Fargo & Company MN’s holdings in Sun Communities were worth $29,428,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Quantinno Capital Management LP grew its stake in Sun Communities by 22.0% in the 3rd quarter. Quantinno Capital Management LP now owns 7,695 shares of the real estate investment trust’s stock valued at $1,040,000 after buying an additional 1,390 shares in the last quarter. Vestcor Inc boosted its holdings in shares of Sun Communities by 36.9% in the third quarter. Vestcor Inc now owns 2,915 shares of the real estate investment trust’s stock worth $394,000 after acquiring an additional 785 shares during the period. Toronto Dominion Bank grew its position in shares of Sun Communities by 31.6% in the third quarter. Toronto Dominion Bank now owns 15,682 shares of the real estate investment trust’s stock valued at $2,119,000 after purchasing an additional 3,766 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Sun Communities during the 3rd quarter valued at $1,564,000. Finally, Central Pacific Bank Trust Division lifted its holdings in Sun Communities by 97.2% during the 4th quarter. Central Pacific Bank Trust Division now owns 3,500 shares of the real estate investment trust’s stock worth $430,000 after purchasing an additional 1,725 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

SUI has been the subject of a number of recent analyst reports. Truist Financial reduced their target price on Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a report on Thursday. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday. They set a “buy” rating and a $150.00 target price on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Two investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $136.70.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $120.36 on Friday. Sun Communities, Inc. has a one year low of $109.22 and a one year high of $147.83. The company’s fifty day moving average price is $127.89 and its 200-day moving average price is $127.53. The firm has a market capitalization of $15.36 billion, a price-to-earnings ratio of 64.71 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

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 (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. On average, equities research analysts anticipate 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 given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s payout ratio is currently 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.