Truvestments Capital LLC Lowers Stock Position in Sun Communities, Inc. (NYSE:SUI)

Truvestments Capital LLC trimmed its stake in Sun Communities, Inc. (NYSE:SUI) by 91.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 197 shares of the real estate investment trust’s stock after selling 2,065 shares during the period. Truvestments Capital LLC’s holdings in Sun Communities were worth $27,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in SUI. Massachusetts Financial Services Co. MA raised its position in Sun Communities by 3.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock valued at $354,986,000 after purchasing an additional 111,569 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Sun Communities by 24.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after buying an additional 424,842 shares during the period. Dimensional Fund Advisors LP lifted its stake in Sun Communities by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock worth $214,752,000 after acquiring an additional 10,592 shares in the last quarter. PGGM Investments boosted its holdings in Sun Communities by 159.9% during the 2nd quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock valued at $150,033,000 after acquiring an additional 767,126 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Sun Communities by 0.3% in 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 acquiring an additional 3,254 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Bank of America lowered shares of Sun Communities from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $155.00 to $134.00 in a research report on Thursday, November 14th. Truist Financial increased their price objective on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Finally, Jefferies Financial Group assumed coverage on Sun Communities in a research note on Thursday, October 17th. They set a “buy” rating and a $160.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $139.08.

Sun Communities Price Performance

SUI stock opened at $128.56 on Friday. The stock has a market cap of $16.38 billion, a price-to-earnings ratio of 69.12, a PEG ratio of 0.54 and a beta of 0.91. 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 quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The business has a 50 day moving average price of $131.21 and a 200 day moving average price of $127.73.

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

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is currently 202.15%.

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.