Illinois Municipal Retirement Fund Purchases 3,619 Shares of Sun Communities, Inc. (NYSE:SUI)

Illinois Municipal Retirement Fund boosted its position in Sun Communities, Inc. (NYSE:SUI) by 47.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,320 shares of the real estate investment trust’s stock after buying an additional 3,619 shares during the period. Illinois Municipal Retirement Fund’s holdings in Sun Communities were worth $1,392,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Sun Communities by 12.3% in the 4th quarter. Bank of New York Mellon Corp now owns 552,888 shares of the real estate investment trust’s stock valued at $67,989,000 after buying an additional 60,589 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Sun Communities by 11.6% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,008 shares of the real estate investment trust’s stock valued at $3,321,000 after buying an additional 2,800 shares in the last quarter. CIBC Asset Management Inc increased its position in Sun Communities by 13.8% in the 4th quarter. CIBC Asset Management Inc now owns 5,007 shares of the real estate investment trust’s stock valued at $616,000 after buying an additional 606 shares in the last quarter. Sanctuary Advisors LLC increased its position in Sun Communities by 9.4% in the 4th quarter. Sanctuary Advisors LLC now owns 2,088 shares of the real estate investment trust’s stock valued at $263,000 after buying an additional 180 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its position in Sun Communities by 0.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 223,462 shares of the real estate investment trust’s stock valued at $27,633,000 after buying an additional 867 shares in the last quarter. 99.59% of the stock is owned by institutional investors.

Sun Communities Trading Up 2.3 %

NYSE:SUI opened at $136.29 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $17.36 billion, a PE ratio of 73.27 and a beta of 0.90. The firm’s 50 day moving average is $125.82 and its 200 day moving average is $129.61. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83.

Sun Communities (NYSE:SUI) last posted its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The company 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%. Sell-side analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.94 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.76%. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Baird R W downgraded Sun Communities from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Royal Bank of Canada cut their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Truist Financial upgraded Sun Communities from a “hold” rating to a “buy” rating in a research note on Friday, January 17th. UBS Group downgraded Sun Communities from a “buy” rating to a “neutral” rating and cut their price target for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Finally, Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and cut their price target for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $134.55.

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.