PEAK6 Investments LLC Acquires New Holdings in Sun Communities, Inc. (NYSE:SUI)

PEAK6 Investments LLC bought a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,197 shares of the real estate investment trust’s stock, valued at approximately $432,000.

A number of other large investors also recently modified their holdings of the company. Public Sector Pension Investment Board raised its holdings in Sun Communities by 29.5% in the 3rd quarter. Public Sector Pension Investment Board now owns 16,208 shares of the real estate investment trust’s stock valued at $2,191,000 after buying an additional 3,690 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Sun Communities by 1,061.4% in 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 acquiring an additional 1,209,522 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Sun Communities during the third quarter valued at $3,818,000. Townsquare Capital LLC acquired a new position in shares of Sun Communities during the third quarter worth $252,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Sun Communities by 53.2% in the third quarter. BNP Paribas Financial Markets now owns 106,103 shares of the real estate investment trust’s stock worth $14,340,000 after purchasing an additional 36,828 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on SUI. Truist Financial lifted their target price on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Robert W. Baird cut Sun Communities from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Bank of America lowered shares of Sun Communities from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. BMO Capital Markets reduced their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price objective for the company. 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 company. Based on data from MarketBeat.com, Sun Communities presently has an average rating of “Hold” and a consensus price target of $139.08.

Sun Communities Price Performance

SUI stock opened at $127.05 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The company’s 50-day moving average is $130.41 and its 200-day moving average is $128.00. The stock has a market capitalization of $16.18 billion, a PE ratio of 68.31, a price-to-earnings-growth ratio of 0.53 and a beta of 0.88. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83.

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 the consensus estimate 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 firm’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.57 EPS. Equities research analysts expect that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.94 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.96%. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

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.