Geode Capital Management LLC Has $263.07 Million Stock Position in Sun Communities, Inc. (NYSE:SUI)

Geode Capital Management LLC increased its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 2.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,143,173 shares of the real estate investment trust’s stock after purchasing an additional 48,846 shares during the period. Geode Capital Management LLC’s holdings in Sun Communities were worth $263,069,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SUI. Norges Bank acquired a new position in shares of Sun Communities during the 4th quarter worth about $888,783,000. Daiwa Securities Group Inc. grew its holdings in Sun Communities by 23.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock valued at $288,244,000 after purchasing an additional 442,557 shares during the period. Prudential Financial Inc. increased its stake in Sun Communities by 138.8% in the fourth 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 in the last quarter. American Century Companies Inc. raised its holdings in Sun Communities by 587.9% in the fourth quarter. American Century Companies Inc. now owns 279,277 shares of the real estate investment trust’s stock worth $34,343,000 after purchasing an additional 238,677 shares during the period. Finally, abrdn plc boosted its position in shares of Sun Communities by 343.5% during the fourth quarter. abrdn plc now owns 277,988 shares of the real estate investment trust’s stock worth $34,098,000 after purchasing an additional 215,314 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of 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 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. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research report on Friday, February 28th. Finally, Jefferies Financial Group dropped their target price 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. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Sun Communities presently has an average rating of “Hold” and an average price target of $136.60.

Sun Communities Price Performance

Shares of SUI opened at $124.43 on Friday. The company has a 50 day moving average of $129.04 and a 200-day moving average of $128.52. 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 stock has a market capitalization of $15.88 billion, a P/E ratio of 66.90 and a beta of 0.84. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. As a group, equities research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.94 per share. The ex-dividend date is Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.02%. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

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.