Poplar Forest Capital LLC Sells 23,772 Shares of Sun Communities, Inc. (NYSE:SUI)

Poplar Forest Capital LLC reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 25.0% in the fourth quarter, Holdings Channel reports. The fund owned 71,254 shares of the real estate investment trust’s stock after selling 23,772 shares during the quarter. Sun Communities accounts for about 1.6% of Poplar Forest Capital LLC’s portfolio, making the stock its 27th largest position. Poplar Forest Capital LLC’s holdings in Sun Communities were worth $8,762,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of SUI. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Sun Communities by 8.5% in 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 buying an additional 84 shares during the period. Cascade Investment Advisors Inc. boosted its holdings in Sun Communities by 0.8% in the 4th quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock worth $1,276,000 after buying an additional 85 shares during the period. Cetera Trust Company N.A boosted its holdings in Sun Communities by 6.0% in the 4th quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock worth $229,000 after buying an additional 105 shares during the period. Avior Wealth Management LLC boosted its holdings in Sun Communities by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust’s stock worth $585,000 after buying an additional 125 shares during the period. Finally, Argonautica Private Wealth Management Inc. boosted its holdings in Sun Communities by 4.5% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 2,901 shares of the real estate investment trust’s stock worth $357,000 after buying an additional 126 shares during the period. 99.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SUI has been the subject of several analyst reports. BMO Capital Markets cut their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. UBS Group downgraded shares of 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 report on Thursday, November 14th. Royal Bank of Canada cut their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Truist Financial raised shares of Sun Communities from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Finally, Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $134.55.

Sun Communities Stock Performance

Sun Communities stock opened at $136.29 on Friday. The firm’s fifty day moving average price is $125.82 and its 200-day moving average price is $129.62. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The stock has a market cap of $17.36 billion, a P/E ratio of 73.27 and a beta of 0.90. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83.

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

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Tuesday, December 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.