Proficio Capital Partners LLC Makes New Investment in Sun Communities, Inc. (NYSE:SUI)

Proficio Capital Partners LLC purchased a new stake in shares of Sun Communities, Inc. (NYSE:SUI) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 48,081 shares of the real estate investment trust’s stock, valued at approximately $5,913,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC increased its position in Sun Communities by 37.6% during the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock valued at $707,329,000 after acquiring an additional 1,430,630 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Sun Communities by 1,061.4% during 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 purchasing an additional 1,209,522 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Sun Communities by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,075,541 shares of the real estate investment trust’s stock valued at $145,359,000 after purchasing an additional 3,254 shares during the period. Westfield Capital Management Co. LP increased its position in shares of Sun Communities by 58.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock valued at $129,728,000 after purchasing an additional 355,427 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Sun Communities by 16.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after purchasing an additional 108,054 shares during the period. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Jefferies Financial Group reduced their target price on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Baird R W lowered Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. 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. Finally, BMO Capital Markets decreased their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $134.55.

Sun Communities Trading Up 0.2 %

SUI opened at $136.44 on Tuesday. The stock has a 50-day moving average of $126.07 and a 200 day moving average of $129.64. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The firm has a market cap of $17.38 billion, a P/E ratio of 73.35 and a beta of 0.90.

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

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.