Sei Investments Co. Purchases 172,924 Shares of Sun Communities, Inc. (NYSE:SUI)

Sei Investments Co. raised its position in Sun Communities, Inc. (NYSE:SUI) by 26.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 819,369 shares of the real estate investment trust’s stock after buying an additional 172,924 shares during the quarter. Sei Investments Co. owned about 0.64% of Sun Communities worth $100,758,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. FMR LLC raised its stake in shares of Sun Communities by 37.6% in the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock valued at $707,329,000 after buying an additional 1,430,630 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Sun Communities by 23.3% in the fourth 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 purchasing an additional 442,557 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Sun Communities by 1,061.4% in the third 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 valued at $178,868,000 after purchasing an additional 1,209,522 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Sun Communities by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock valued at $138,149,000 after purchasing an additional 47,899 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its position in shares of Sun Communities by 58.8% in the third quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock valued at $129,728,000 after purchasing an additional 355,427 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Price Performance

Sun Communities stock opened at $131.00 on Friday. The business has a 50-day simple moving average of $128.23 and a 200 day simple moving average of $129.46. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market cap of $16.69 billion, a price-to-earnings ratio of 70.43 and a beta of 0.90.

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

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date is Monday, March 31st. Sun Communities’s payout ratio is currently 508.11%.

Analyst Ratings Changes

Several brokerages have recently weighed in on SUI. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Jefferies Financial Group reduced their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Wells Fargo & Company reduced their price target on 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. Finally, Truist Financial lifted their price target on Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $136.60.

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.