Pictet Asset Management Holding SA Purchases 288 Shares of Sun Communities, Inc. (NYSE:SUI)

Pictet Asset Management Holding SA increased its holdings in Sun Communities, Inc. (NYSE:SUI) by 0.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,525 shares of the real estate investment trust’s stock after acquiring an additional 288 shares during the period. Pictet Asset Management Holding SA’s holdings in Sun Communities were worth $8,304,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SUI. Smartleaf Asset Management LLC increased its position in shares of 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 valued at $49,000 after purchasing an additional 124 shares during the last quarter. CKW Financial Group increased its holdings in Sun Communities by 45.0% during the fourth 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 last quarter. Point72 Hong Kong Ltd bought a new stake in Sun Communities in the third quarter worth about $60,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Sun Communities by 8.5% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after acquiring an additional 84 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of Sun Communities by 86.2% during the 4th quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust’s stock valued at $157,000 after acquiring an additional 539 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SUI has been the topic of several research analyst reports. Jefferies Financial Group dropped their price objective on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Wells Fargo & Company cut their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Truist Financial upped their price objective on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a report on Monday, March 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Sun Communities has an average rating of “Hold” and a consensus target price of $136.60.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $128.99 on Thursday. The company has a 50 day moving average of $129.02 and a 200 day moving average of $128.77. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market cap of $16.46 billion, a P/E ratio of 69.35 and a beta of 0.90. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $745.90 million during the quarter, compared to the consensus estimate of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. As a group, sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.91%. Sun Communities’s dividend payout ratio is currently 508.11%.

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.