Orion Portfolio Solutions LLC Sells 660 Shares of Sun Communities, Inc. (NYSE:SUI)

Orion Portfolio Solutions LLC cut its holdings in Sun Communities, Inc. (NYSE:SUI) by 6.0% during the 3rd quarter, Holdings Channel reports. The fund owned 10,292 shares of the real estate investment trust’s stock after selling 660 shares during the period. Orion Portfolio Solutions LLC’s holdings in Sun Communities were worth $1,391,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Assetmark Inc. increased its stake in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Brooklyn Investment Group bought a new stake in Sun Communities during the third quarter valued at about $41,000. Quest Partners LLC grew its holdings in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Sun Communities in the third quarter worth about $60,000. Finally, Farther Finance Advisors LLC raised its stake in shares of Sun Communities by 89.1% in the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after buying an additional 236 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

NYSE:SUI opened at $122.20 on Friday. The business’s 50-day moving average is $128.97 and its 200 day moving average is $128.08. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a market capitalization of $15.57 billion, a P/E ratio of 65.43, a P/E/G ratio of 0.51 and a beta of 0.88. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The firm had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The business’s revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.57 EPS. On average, equities research analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.76 annualized dividend and a yield of 3.08%. Sun Communities’s dividend payout ratio (DPR) is currently 202.15%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SUI. Robert W. Baird downgraded Sun Communities from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. BMO Capital Markets dropped their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. Wells Fargo & Company decreased their price objective 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. Evercore ISI lifted their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research note on Monday, October 21st. Finally, Royal Bank of Canada cut their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $137.08.

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.