Capital Group Private Client Services Inc. Buys New Holdings in Sun Communities, Inc. (NYSE:SUI)

Capital Group Private Client Services Inc. purchased a new position in shares of Sun Communities, Inc. (NYSE:SUI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 9,073 shares of the real estate investment trust’s stock, valued at approximately $1,116,000.

A number of other large investors also recently modified their holdings of the company. Cohen & Steers Inc. boosted its holdings in Sun Communities by 30.3% in the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares in the last quarter. Dodge & Cox grew its position in shares of Sun Communities by 61.1% in the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock valued at $1,181,252,000 after buying an additional 3,644,853 shares during the last quarter. FMR LLC raised its stake in Sun Communities by 51.3% during the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock worth $973,660,000 after acquiring an additional 2,684,214 shares in the last quarter. Norges Bank purchased a new stake in Sun Communities in the fourth quarter valued at $888,783,000. Finally, Daiwa Securities Group Inc. boosted its stake in Sun Communities by 23.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock valued at $288,244,000 after acquiring an additional 442,557 shares in the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Up 1.2 %

Shares of Sun Communities stock opened at $123.18 on Friday. The company has a 50-day moving average of $127.59 and a two-hundred day moving average of $127.11. The stock has a market cap of $15.72 billion, a PE ratio of 66.22 and a beta of 0.84. 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 $109.22 and a 12-month high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data 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 analysts’ expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. On average, research analysts anticipate that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 3.05%. Sun Communities’s payout ratio is 508.11%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SUI shares. Truist Financial lowered their target price on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Jefferies Financial Group initiated coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price objective on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued 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 target price of $136.70.

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.