5,081 Shares in Sun Communities, Inc. (NYSE:SUI) Acquired by Legacy Trust

Legacy Trust purchased a new stake in shares of Sun Communities, Inc. (NYSE:SUI) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,081 shares of the real estate investment trust’s stock, valued at approximately $625,000.

Other large investors have also added to or reduced their stakes in the company. Assetmark Inc. raised its position in shares of Sun Communities by 2,111.1% during the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 190 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Sun Communities during the third quarter worth about $41,000. CKW Financial Group raised its stake in Sun Communities by 45.0% during the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 135 shares during the period. Point72 Hong Kong Ltd purchased a new position in Sun Communities in the 3rd quarter worth approximately $60,000. Finally, Farther Finance Advisors LLC boosted its stake in Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 236 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Bank of America downgraded shares of Sun Communities from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. Truist Financial upgraded Sun Communities from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Evercore ISI boosted their target price on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada cut their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $134.08.

Sun Communities Stock Performance

NYSE SUI opened at $124.61 on Thursday. The business’s 50 day moving average price is $124.64 and its 200-day moving average price is $129.65. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The company has a market cap of $15.87 billion, a P/E ratio of 66.99, a P/E/G ratio of 0.51 and a beta of 0.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The firm had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.57 EPS. Sell-side analysts predict that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.02%. The ex-dividend date was Tuesday, December 31st. Sun Communities’s payout ratio is currently 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.