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

Capital Group Private Client Services Inc. bought a new stake in Sun Communities, Inc. (NYSE:SUI) in the 4th quarter, Holdings Channel reports. The institutional investor bought 9,073 shares of the real estate investment trust’s stock, valued at approximately $1,116,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SUI. Aster Capital Management DIFC Ltd grew its position in shares of Sun Communities by 263.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 320 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 232 shares during the period. Smartleaf Asset Management LLC lifted its position in Sun Communities by 45.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 124 shares during the period. CKW Financial Group boosted its stake in Sun Communities by 45.0% in the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock worth $53,000 after buying an additional 135 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Sun Communities by 17.2% in the 4th quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 123 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Sun Communities by 8.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after acquiring an additional 84 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Up 1.2 %

NYSE SUI opened at $123.18 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. Sun Communities, Inc. has a fifty-two week low of $109.22 and a fifty-two week high of $147.83. The business has a 50 day moving average price of $127.59 and a two-hundred day moving average price 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.

Sun Communities (NYSE:SUI) last released 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 return on equity of 3.21% and a net margin of 7.46%. The business had revenue of $745.90 million for the quarter, compared to analysts’ expectations of $724.68 million. As a group, sell-side analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

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

Analysts Set New Price Targets

SUI has been the topic of several research analyst reports. Jefferies Financial Group began coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Finally, Truist Financial dropped their price objective on Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Two 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. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $136.70.

Sun Communities 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.