OVERSEA CHINESE BANKING Corp Ltd Purchases 15,653 Shares of Sun Communities, Inc. (NYSE:SUI)

OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 278.3% in the 4th quarter, HoldingsChannel reports. The firm owned 21,278 shares of the real estate investment trust’s stock after buying an additional 15,653 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Sun Communities were worth $2,617,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Xponance Inc. lifted its holdings in Sun Communities by 14.1% during the 4th quarter. Xponance Inc. now owns 12,383 shares of the real estate investment trust’s stock valued at $1,523,000 after purchasing an additional 1,530 shares during the last quarter. Signaturefd LLC lifted its holdings in Sun Communities by 14.3% during the 4th quarter. Signaturefd LLC now owns 1,639 shares of the real estate investment trust’s stock valued at $202,000 after purchasing an additional 205 shares during the last quarter. Cibc World Markets Corp lifted its holdings in Sun Communities by 5.9% during the 4th quarter. Cibc World Markets Corp now owns 40,472 shares of the real estate investment trust’s stock valued at $4,977,000 after purchasing an additional 2,239 shares during the last quarter. First National Advisers LLC lifted its holdings in Sun Communities by 1.2% during the 4th quarter. First National Advisers LLC now owns 11,689 shares of the real estate investment trust’s stock valued at $1,437,000 after purchasing an additional 134 shares during the last quarter. Finally, Vestcor Inc lifted its holdings in Sun Communities by 295.8% during the 4th quarter. Vestcor Inc now owns 11,539 shares of the real estate investment trust’s stock valued at $1,419,000 after purchasing an additional 8,624 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on SUI. Jefferies Financial Group cut their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Truist Financial raised their price objective on shares of 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 lowered their price objective 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 restated an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Sun Communities has a consensus rating of “Hold” and a consensus price target of $135.55.

Sun Communities Stock Down 0.9 %

Shares of NYSE:SUI opened at $131.65 on Thursday. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The company has a 50 day moving average of $127.85 and a 200-day moving average of $129.51. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a market cap of $16.77 billion, a price-to-earnings ratio of 70.78 and a beta of 0.90.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. On average, sell-side analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.86%. The ex-dividend date is Monday, March 31st. Sun Communities’s payout ratio is 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.