HighTower Advisors LLC Decreases Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

HighTower Advisors LLC lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,787 shares of the real estate investment trust’s stock after selling 86 shares during the quarter. HighTower Advisors LLC’s holdings in Sun Communities were worth $343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SUI. Daiwa Securities Group Inc. boosted its holdings in shares of Sun Communities by 23.3% in 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 buying an additional 442,557 shares in the last quarter. abrdn plc lifted its position in Sun Communities by 343.5% during the fourth quarter. abrdn plc now owns 277,988 shares of the real estate investment trust’s stock valued at $34,098,000 after acquiring an additional 215,314 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Sun Communities during the fourth quarter valued at approximately $16,051,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in Sun Communities by 16.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock valued at $95,885,000 after acquiring an additional 108,054 shares in the last quarter. Finally, Wealthfront Advisers LLC grew its holdings in Sun Communities by 712.9% in the fourth quarter. Wealthfront Advisers LLC now owns 72,254 shares of the real estate investment trust’s stock worth $8,885,000 after purchasing an additional 63,366 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $128.61 on Wednesday. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. 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 company has a market cap of $16.41 billion, a PE ratio of 69.15 and a beta of 0.90. The company’s 50 day moving average is $128.94 and its 200 day moving average is $128.77.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. On average, sell-side analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.92%. Sun Communities’s payout ratio is currently 508.11%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SUI shares. Jefferies Financial Group decreased their price objective on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Truist Financial boosted their price target on Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, Wells Fargo & Company decreased their price objective on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. 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 stock. According to MarketBeat.com, Sun Communities currently has a consensus rating of “Hold” and an average price target of $136.60.

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.