AMG National Trust Bank Invests $1.69 Million in Sun Communities, Inc. (NYSE:SUI)

AMG National Trust Bank acquired a new stake in shares of Sun Communities, Inc. (NYSE:SUI) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 12,503 shares of the real estate investment trust’s stock, valued at approximately $1,690,000.

A number of other institutional investors have also modified their holdings of SUI. Price T Rowe Associates Inc. MD grew its holdings in shares of Sun Communities by 50.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock valued at $424,677,000 after buying an additional 1,105,306 shares during the last quarter. PGGM Investments lifted its holdings in shares of Sun Communities by 159.9% during the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after purchasing an additional 767,126 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Sun Communities by 24.0% during the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock worth $264,253,000 after purchasing an additional 424,842 shares during the period. Hsbc Holdings PLC increased its holdings in Sun Communities by 199.1% in the 2nd quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock worth $42,754,000 after buying an additional 238,498 shares during the period. Finally, National Bank of Canada FI raised its position in Sun Communities by 499.9% during the 1st quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust’s stock worth $18,562,000 after buying an additional 131,641 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SUI shares. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. BMO Capital Markets dropped their target price on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Wells Fargo & Company lifted their price objective on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Truist Financial upped 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. Finally, Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $139.08.

Sun Communities Price Performance

NYSE SUI opened at $125.27 on Tuesday. The company has a 50-day moving average price of $134.14 and a two-hundred day moving average price of $127.21. Sun Communities, Inc. has a 52 week low of $110.98 and a 52 week high of $147.83. The stock has a market cap of $15.96 billion, a price-to-earnings ratio of 67.35, a price-to-earnings-growth ratio of 0.53 and a beta of 0.91. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

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

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 3.00%. Sun Communities’s payout ratio is 202.15%.

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.