Alliancebernstein L.P. Sells 4,051 Shares of Sun Communities, Inc. (NYSE:SUI)

Alliancebernstein L.P. lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,868 shares of the real estate investment trust’s stock after selling 4,051 shares during the period. Alliancebernstein L.P. owned approximately 0.18% of Sun Communities worth $28,882,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC increased its position in shares of Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 124 shares in the last quarter. CKW Financial Group boosted its stake in Sun Communities by 45.0% in the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 135 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its holdings in Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock worth $131,000 after purchasing an additional 84 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Sun Communities by 86.2% in the 4th quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust’s stock valued at $157,000 after purchasing an additional 539 shares during the period. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Sun Communities by 20.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,559 shares of the real estate investment trust’s stock valued at $192,000 after purchasing an additional 267 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SUI has been the subject of a number of research reports. 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. Truist Financial raised their price target on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Wells Fargo & Company reduced their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $136.60.

Sun Communities Stock Performance

Shares of SUI stock opened at $124.43 on Monday. The company has a fifty day moving average price of $129.04 and a two-hundred day moving average price of $128.42. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The stock has a market cap of $15.88 billion, a P/E ratio of 66.90 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

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

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 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 3.02%. The ex-dividend date is Monday, March 31st. Sun Communities’s payout ratio is presently 508.11%.

Sun Communities Company 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.