Meiji Yasuda Asset Management Co Ltd. Lowers Stock Position in Sun Communities, Inc. (NYSE:SUI)

Meiji Yasuda Asset Management Co Ltd. lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 3.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,760 shares of the real estate investment trust’s stock after selling 100 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Sun Communities were worth $339,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SUI. FMR LLC boosted its holdings in Sun Communities by 37.6% in the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after acquiring an additional 1,430,630 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Sun Communities by 23.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock valued at $288,244,000 after purchasing an additional 442,557 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Sun Communities by 1,061.4% during the 3rd 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 purchasing an additional 1,209,522 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Sun Communities by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock worth $138,149,000 after buying an additional 47,899 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Sun Communities by 26.7% during the fourth quarter. Sei Investments Co. now owns 819,369 shares of the real estate investment trust’s stock valued at $100,758,000 after buying an additional 172,924 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Up 1.5 %

Shares of NYSE:SUI opened at $130.04 on Friday. The company has a 50-day moving average price of $128.88 and a 200 day moving average price of $129.19. 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, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a market cap of $16.59 billion, a price-to-earnings ratio of 69.91 and a beta of 0.90.

Sun Communities (NYSE:SUI) last announced its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping 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 firm had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. As a group, equities research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.94 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.89%. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

Analyst Ratings Changes

SUI has been the subject of a number of research analyst reports. Truist Financial lifted their target price on Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Jefferies Financial Group reduced their price objective on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Finally, Wells Fargo & Company lowered their price objective on 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. Two research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $136.60.

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.