Vestcor Inc Raises Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Vestcor Inc raised its position in shares of Sun Communities, Inc. (NYSE:SUI) by 36.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,915 shares of the real estate investment trust’s stock after buying an additional 785 shares during the period. Vestcor Inc’s holdings in Sun Communities were worth $394,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SUI. FMR LLC raised its stake in shares of Sun Communities by 37.6% during the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock valued at $707,329,000 after acquiring an additional 1,430,630 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Sun Communities by 3.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock valued at $354,986,000 after purchasing an additional 111,569 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Sun Communities by 24.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock worth $264,253,000 after buying an additional 424,842 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Sun Communities by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock worth $214,752,000 after buying an additional 10,592 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Sun Communities by 1,061.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock valued at $178,868,000 after buying an additional 1,209,522 shares during the period. Institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

SUI has been the topic of several recent analyst reports. Truist Financial cut their price target on shares of Sun Communities from $138.00 to $131.00 and set a “hold” rating on the stock in a report on Wednesday. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 price target for the company. Robert W. Baird cut 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 report on Thursday, November 7th. Finally, Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $137.08.

Sun Communities Stock Down 0.8 %

Shares of NYSE:SUI opened at $122.20 on Friday. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The stock has a market capitalization of $15.57 billion, a price-to-earnings ratio of 65.70, a PEG ratio of 0.51 and a beta of 0.88. The stock has a fifty day simple moving average of $128.97 and a two-hundred day simple moving average of $128.08. 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 announced its quarterly earnings results 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). Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. During the same quarter in the previous year, the firm earned $2.57 EPS. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. On average, research analysts anticipate that Sun Communities, Inc. will post 6.78 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Tuesday, December 31st. Sun Communities’s payout ratio is 202.15%.

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.