Amalgamated Bank Cuts Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Amalgamated Bank lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 2.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 6,293 shares of the real estate investment trust’s stock after selling 188 shares during the quarter. Amalgamated Bank’s holdings in Sun Communities were worth $774,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SUI. FMR LLC grew its stake in shares of Sun Communities by 37.6% in the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after acquiring an additional 1,430,630 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Sun Communities by 1,061.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after purchasing an additional 1,209,522 shares in the last quarter. Westfield Capital Management Co. LP grew its position in Sun Communities by 58.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock worth $129,728,000 after purchasing an additional 355,427 shares in the last quarter. Adelante Capital Management LLC lifted its position in shares of Sun Communities by 168.7% during the 3rd quarter. Adelante Capital Management LLC now owns 559,129 shares of the real estate investment trust’s stock worth $75,566,000 after buying an additional 351,017 shares in the last quarter. Finally, abrdn plc lifted its position in shares of Sun Communities by 343.5% during the 4th quarter. abrdn plc now owns 277,988 shares of the real estate investment trust’s stock worth $34,098,000 after buying an additional 215,314 shares in the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

Shares of SUI stock opened at $136.44 on Tuesday. The firm’s 50 day moving average is $126.07 and its 200 day moving average is $129.64. The stock has a market capitalization of $17.38 billion, a P/E ratio of 73.35 and a beta of 0.90. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on SUI. Royal Bank of Canada decreased their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, November 7th. UBS Group lowered Sun Communities from a “buy” rating to a “neutral” rating and decreased their target price for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Bank of America downgraded shares of Sun Communities from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus 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.