Allstate Corp Increases Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Allstate Corp boosted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 38.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,383 shares of the real estate investment trust’s stock after acquiring an additional 2,346 shares during the period. Allstate Corp’s holdings in Sun Communities were worth $1,031,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. DnB Asset Management AS grew its position in shares of Sun Communities by 4.9% during the 4th quarter. DnB Asset Management AS now owns 22,170 shares of the real estate investment trust’s stock valued at $2,726,000 after purchasing an additional 1,036 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in Sun Communities by 0.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 67,525 shares of the real estate investment trust’s stock valued at $8,304,000 after buying an additional 288 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in Sun Communities by 2.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 195,520 shares of the real estate investment trust’s stock valued at $24,043,000 after buying an additional 4,939 shares during the period. New Age Alpha Advisors LLC purchased a new position in Sun Communities during the fourth quarter worth about $2,296,000. Finally, Norges Bank bought a new position in Sun Communities in the 4th quarter worth about $888,783,000. Institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SUI. Truist Financial lifted their price target on Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Wells Fargo & Company dropped their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, December 11th. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Finally, Jefferies Financial Group lowered their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Sun Communities has a consensus rating of “Hold” and an average price target of $136.60.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $130.04 on Monday. The stock has a market capitalization of $16.59 billion, a price-to-earnings ratio of 69.91 and a beta of 0.90. The company has a fifty day moving average of $128.88 and a 200-day moving average of $129.02. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (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 analyst estimates of $724.68 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. Equities research analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

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 paid a $0.94 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.76 dividend on an annualized basis and a yield of 2.89%. Sun Communities’s dividend payout ratio (DPR) is currently 508.11%.

About Sun Communities

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.