KLP Kapitalforvaltning AS Acquires New Holdings in Sun Communities, Inc. (NYSE:SUI)

KLP Kapitalforvaltning AS bought a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 42,700 shares of the real estate investment trust’s stock, valued at approximately $5,285,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of 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 acquiring an additional 84 shares in the last quarter. Cascade Investment Advisors Inc. raised its holdings in Sun Communities by 0.8% in the fourth quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock worth $1,276,000 after purchasing an additional 85 shares in the last quarter. Cetera Trust Company N.A raised its holdings in Sun Communities by 6.0% in the fourth quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock worth $229,000 after purchasing an additional 105 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 124 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. boosted its holdings in shares of 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 valued at $357,000 after buying an additional 126 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Down 1.7 %

Sun Communities stock opened at $128.18 on Wednesday. The stock has a 50-day moving average price of $128.53 and a 200 day moving average price of $129.27. The company has a market capitalization of $16.35 billion, a price-to-earnings ratio of 68.91 and a beta of 0.90. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 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.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $745.90 million during 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%. Sell-side analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.93%. The ex-dividend date is Monday, March 31st. Sun Communities’s dividend payout ratio is currently 508.11%.

Wall Street Analysts Forecast Growth

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