Elo Mutual Pension Insurance Co Increases Stake in Sun Communities, Inc. (NYSE:SUI)

Elo Mutual Pension Insurance Co increased its stake in Sun Communities, Inc. (NYSE:SUI) by 13.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,570 shares of the real estate investment trust’s stock after purchasing an additional 1,499 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Sun Communities were worth $1,546,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Sun Communities by 8.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 171,513 shares of the real estate investment trust’s stock valued at $21,391,000 after buying an additional 13,619 shares during the last quarter. Korea Investment CORP lifted its position in Sun Communities by 4.9% during the 4th quarter. Korea Investment CORP now owns 116,618 shares of the real estate investment trust’s stock worth $14,341,000 after acquiring an additional 5,500 shares during the period. Prudential Financial Inc. grew its stake in Sun Communities by 138.8% during the 4th quarter. Prudential Financial Inc. now owns 501,216 shares of the real estate investment trust’s stock valued at $64,436,000 after purchasing an additional 291,329 shares during the last quarter. Cannon Global Investment Management LLC acquired a new position in shares of Sun Communities in the fourth quarter valued at about $1,021,000. Finally, LPL Financial LLC raised its stake in shares of Sun Communities by 22.3% in the fourth quarter. LPL Financial LLC now owns 25,560 shares of the real estate investment trust’s stock worth $3,143,000 after purchasing an additional 4,665 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SUI. Jefferies Financial Group dropped their target price on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Truist Financial increased their price objective on shares of Sun Communities from $136.00 to $142.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Royal Bank of Canada restated an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Wells Fargo & Company cut their price target on 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $136.60.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $130.04 on Friday. The firm has a market cap of $16.59 billion, a PE ratio of 69.91 and a beta of 0.90. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month 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 business has a 50-day moving average price of $128.88 and a 200 day moving average price of $129.11.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, beating 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 business had revenue of $745.90 million during the quarter, compared to analysts’ expectations of $724.68 million. Sell-side analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s payout ratio is 508.11%.

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.