Zimmer Partners LP Makes New $5.07 Million Investment in Sun Communities, Inc. (NYSE:SUI)

Zimmer Partners LP bought a new position in shares of Sun Communities, Inc. (NYSE:SUI) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 37,500 shares of the real estate investment trust’s stock, valued at approximately $5,068,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. lifted its holdings in Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 190 shares in the last quarter. Brooklyn Investment Group bought a new position in Sun Communities during the third quarter worth about $41,000. Quest Partners LLC lifted its holdings in Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 381 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in Sun Communities during the third quarter worth about $60,000. Finally, 1620 Investment Advisors Inc. bought a new position in Sun Communities during the second quarter worth about $62,000. 99.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SUI. Truist Financial lifted their price target on Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Jefferies Financial Group began coverage on Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 price target on the stock. Robert W. Baird downgraded Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $145.00 to $126.00 in a research note on Thursday, November 7th. Finally, UBS Group downgraded Sun Communities from a “buy” rating to a “neutral” rating and dropped their price target for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Sun Communities has a consensus rating of “Hold” and a consensus target price of $139.08.

Sun Communities Price Performance

Shares of NYSE SUI opened at $124.69 on Friday. The business’s 50 day moving average price is $129.80 and its two-hundred day moving average price is $128.00. The company has a market cap of $15.88 billion, a PE ratio of 67.04, a price-to-earnings-growth ratio of 0.53 and a beta of 0.88. 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 twelve month low of $110.98 and a twelve month high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The business had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Sun Communities’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period last year, the firm earned $2.57 EPS. On average, analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Tuesday, December 31st. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

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.