Royal London Asset Management Ltd. Decreases Stake in Sun Communities, Inc. (NYSE:SUI)

Royal London Asset Management Ltd. lessened its stake in Sun Communities, Inc. (NYSE:SUI) by 0.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 51,384 shares of the real estate investment trust’s stock after selling 95 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Sun Communities were worth $6,319,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SUI. Legacy Trust purchased a new position in Sun Communities in the fourth quarter valued at about $625,000. Aurora Investment Managers LLC. grew its holdings in shares of Sun Communities by 9.7% in the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock worth $3,380,000 after acquiring an additional 2,435 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in Sun Communities by 16.1% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock valued at $95,885,000 after purchasing an additional 108,054 shares in the last quarter. VCI Wealth Management LLC acquired a new position in Sun Communities during the fourth quarter worth $1,312,000. Finally, FMR LLC boosted its position in Sun Communities by 37.6% during the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after purchasing an additional 1,430,630 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of SUI opened at $131.00 on Monday. The company has a market capitalization of $16.69 billion, a price-to-earnings ratio of 70.43 and a beta of 0.90. 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, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The company’s 50 day simple moving average is $128.23 and its 200 day simple moving average is $129.41.

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 the consensus estimate of $1.39 by $0.02. The business had revenue of $745.90 million for 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%. On average, sell-side analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Announces Dividend

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

Analyst Ratings Changes

SUI has been the subject of a number of research analyst reports. Wells Fargo & Company dropped 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. Truist Financial raised their target price on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a report on Monday, March 10th. Jefferies Financial Group reduced their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a 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 equities research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $136.60.

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.