Canal Capital Management LLC Sells 671 Shares of Sun Communities, Inc. (NYSE:SUI)

Canal Capital Management LLC lowered its position in Sun Communities, Inc. (NYSE:SUI) by 21.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,498 shares of the real estate investment trust’s stock after selling 671 shares during the quarter. Canal Capital Management LLC’s holdings in Sun Communities were worth $307,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd increased its stake in Sun Communities by 263.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 232 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 124 shares in the last quarter. CKW Financial Group raised its holdings in Sun Communities by 45.0% during the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 135 shares during the period. Natixis acquired a new stake in Sun Communities during the 4th quarter worth approximately $90,000. Finally, Quadrant Capital Group LLC lifted its stake in Sun Communities by 17.2% in the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 123 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Up 1.2 %

NYSE:SUI opened at $123.18 on Monday. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of 66.22 and a beta of 0.84. The company’s 50 day moving average price is $127.59 and its 200-day moving average price is $127.09. Sun Communities, Inc. has a 52 week low of $109.22 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.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $745.90 million for the quarter, compared to the consensus estimate of $724.68 million. On average, equities research analysts forecast 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 was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.05%. The ex-dividend date was Monday, March 31st. Sun Communities’s dividend payout ratio is presently 508.11%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SUI. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Truist Financial lowered their price objective on Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 target price for the company. Two 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $136.70.

Sun Communities 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.