Cannon Global Investment Management LLC Invests $1.02 Million in Sun Communities, Inc. (NYSE:SUI)

Cannon Global Investment Management LLC acquired a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,300 shares of the real estate investment trust’s stock, valued at approximately $1,021,000. Sun Communities makes up approximately 2.2% of Cannon Global Investment Management LLC’s holdings, making the stock its 9th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legacy Trust purchased a new stake in Sun Communities during the fourth quarter worth approximately $625,000. Aurora Investment Managers LLC. lifted its stake in Sun Communities by 9.7% during the fourth quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock worth $3,380,000 after purchasing an additional 2,435 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Sun Communities by 16.1% during the fourth 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 last quarter. VCI Wealth Management LLC purchased a new stake in Sun Communities during the fourth quarter worth approximately $1,312,000. Finally, FMR LLC lifted its stake 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 worth $707,329,000 after purchasing an additional 1,430,630 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Price Performance

Shares of NYSE SUI opened at $131.00 on Monday. 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 stock has a 50 day moving average of $128.23 and a two-hundred day moving average of $129.41. The stock has a market cap of $16.69 billion, a P/E ratio of 70.43 and a beta of 0.90.

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

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

Analysts Set New Price Targets

SUI has been the subject of several recent analyst reports. Jefferies Financial Group decreased their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Truist Financial boosted their target price on Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Wells Fargo & Company decreased their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Finally, Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $136.60.

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.