Russell Investments Group Ltd. Acquires 267,695 Shares of Sun Communities, Inc. (NYSE:SUI)

Russell Investments Group Ltd. grew its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 40.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 930,216 shares of the real estate investment trust’s stock after buying an additional 267,695 shares during the period. Russell Investments Group Ltd.’s holdings in Sun Communities were worth $114,388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Legacy Trust bought a new position in shares of Sun Communities during the 4th quarter valued at about $625,000. Aurora Investment Managers LLC. grew its holdings 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 buying an additional 2,435 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings 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 buying an additional 108,054 shares in the last quarter. VCI Wealth Management LLC purchased a new stake in shares of Sun Communities during the 4th quarter worth approximately $1,312,000. Finally, Vert Asset Management LLC boosted its position in shares of Sun Communities by 9.9% during the 4th quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust’s stock valued at $6,897,000 after acquiring an additional 5,060 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SUI shares. Truist Financial boosted their price target on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Wells Fargo & Company decreased 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 report on Wednesday, December 11th. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Jefferies Financial Group decreased their price objective on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $136.60.

Sun Communities Stock Down 4.3 %

Shares of NYSE:SUI opened at $124.43 on Friday. The firm has a market capitalization of $15.88 billion, a PE ratio of 66.90 and a beta of 0.84. The business has a 50 day simple moving average of $129.04 and a two-hundred day simple moving average of $128.52. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. 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 analysts’ consensus estimates 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 analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend 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.