Prudential Financial Inc. Has $64.44 Million Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Prudential Financial Inc. raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 138.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 501,216 shares of the real estate investment trust’s stock after buying an additional 291,329 shares during the period. Prudential Financial Inc.’s holdings in Sun Communities were worth $64,436,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brooklyn Investment Group acquired a new position in Sun Communities during the third quarter worth $41,000. Smartleaf Asset Management LLC boosted its stake in shares of Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 124 shares during the last quarter. CKW Financial Group grew its holdings in shares of Sun Communities by 45.0% in the 4th quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 135 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Sun Communities in the third quarter valued at about $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Sun Communities by 8.5% in the fourth 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 acquiring an additional 84 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Performance

SUI opened at $130.42 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The business has a fifty day simple moving average of $128.39 and a 200 day simple moving average of $129.36. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The company has a market capitalization of $16.64 billion, a PE ratio of 70.12 and a beta of 0.90.

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

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.88%. Sun Communities’s dividend payout ratio is presently 508.11%.

Analysts Set New Price Targets

A number of research firms have weighed in on SUI. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Jefferies Financial Group decreased their target price on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Wells Fargo & Company dropped their price target on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 11th. Finally, 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 research note on Monday, March 10th. Two research 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.