DnB Asset Management AS Acquires 1,036 Shares of Sun Communities, Inc. (NYSE:SUI)

DnB Asset Management AS raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,170 shares of the real estate investment trust’s stock after purchasing an additional 1,036 shares during the quarter. DnB Asset Management AS’s holdings in Sun Communities were worth $2,726,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in SUI. Smartleaf Asset Management LLC lifted its holdings in shares of Sun Communities by 45.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 124 shares during the last quarter. CKW Financial Group raised its position in Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 135 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Sun Communities in the 3rd quarter valued at approximately $60,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Sun Communities by 8.5% in 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 purchasing an additional 84 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Sun Communities by 86.2% during the 4th quarter. Blue Trust Inc. now owns 1,164 shares of the real estate investment trust’s stock valued at $157,000 after purchasing an additional 539 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SUI has been the subject of a number of analyst reports. Truist Financial raised their price target on Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Wells Fargo & Company dropped their price target on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Jefferies Financial Group reduced their price objective on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Sun Communities has a consensus rating of “Hold” and a consensus target price of $136.60.

Sun Communities Stock Performance

Sun Communities stock opened at $128.53 on Tuesday. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83. The company has a market capitalization of $16.40 billion, a PE ratio of 69.10 and a beta of 0.90. The company has a 50 day moving average price of $128.93 and a 200-day moving average price of $128.91. 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 (NYSE:SUI) last issued its earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The business had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. As a group, equities analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently declared 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. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.93%. Sun Communities’s dividend payout ratio is currently 508.11%.

About Sun Communities

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.