Quadrant Capital Group LLC Boosts Stake in Sun Communities, Inc. (NYSE:SUI)

Quadrant Capital Group LLC raised its position in Sun Communities, Inc. (NYSE:SUI) by 17.2% during the fourth quarter, Holdings Channel reports. The firm owned 837 shares of the real estate investment trust’s stock after buying an additional 123 shares during the quarter. Quadrant Capital Group LLC’s holdings in Sun Communities were worth $103,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Sun Communities in the fourth quarter valued at $888,783,000. Daiwa Securities Group Inc. grew its position in Sun Communities by 23.3% in the 4th 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. Prudential Financial Inc. increased its stake in Sun Communities by 138.8% during the fourth quarter. Prudential Financial Inc. now owns 501,216 shares of the real estate investment trust’s stock worth $64,436,000 after purchasing an additional 291,329 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Sun Communities by 40.4% during the fourth quarter. Russell Investments Group Ltd. now owns 930,216 shares of the real estate investment trust’s stock worth $114,388,000 after purchasing an additional 267,695 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Sun Communities by 587.9% in the fourth quarter. American Century Companies Inc. now owns 279,277 shares of the real estate investment trust’s stock valued at $34,343,000 after purchasing an additional 238,677 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Down 2.2 %

SUI opened at $118.79 on Friday. 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, Inc. has a one year low of $109.22 and a one year high of $147.83. The company has a market cap of $15.16 billion, a P/E ratio of 63.87 and a beta of 0.84. The business’s 50-day simple moving average is $128.01 and its 200-day simple moving average is $127.65.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results 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 company had revenue of $745.90 million for 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%. As a group, equities research analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently disclosed 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 of this dividend is Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.17%. Sun Communities’s dividend payout ratio is presently 508.11%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SUI shares. Truist Financial reduced their target price on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Jefferies Financial Group began coverage on Sun Communities in a research note on Tuesday. They set a “buy” rating and a $150.00 target price for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average 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.