Sun Communities, Inc. $SUI Stock: Sumitomo Mitsui Trust Group Inc. Raises Holdings

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 99.8% in the 3rd quarter, Holdings Channel reports. The firm owned 912,359 shares of the real estate investment trust’s stock after acquiring an additional 455,613 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Sun Communities were worth $101,071,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in SUI. CX Institutional lifted its holdings in shares of Sun Communities by 1,076.7% in the 3rd quarter. CX Institutional now owns 353 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 323 shares during the last quarter. Oslo Pensjonsforsikring AS bought a new position in Sun Communities during the 1st quarter worth $49,000. Avalon Trust Co bought a new position in Sun Communities during the 2nd quarter worth $61,000. V Square Quantitative Management LLC grew its stake in Sun Communities by 36.7% during the 1st quarter. V Square Quantitative Management LLC now owns 548 shares of the real estate investment trust’s stock worth $69,000 after buying an additional 147 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in Sun Communities in the second quarter worth $72,000. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SUI shares. Mizuho cut their target price on Sun Communities from $137.00 to $136.00 and set an “outperform” rating on the stock in a research note on Monday, September 21st. Truist Financial reduced their price target on shares of Sun Communities from $138.00 to $136.00 and set a “buy” rating for the company in a report on Friday, September 11th. Wall Street Zen lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Odeon Capital Group set a $135.00 price objective on shares of Sun Communities in a report on Thursday, July 9th. Finally, Wells Fargo & Company cut their price objective on shares of Sun Communities from $141.00 to $136.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $136.72.

Sun Communities Stock Performance

Shares of NYSE SUI opened at $116.94 on Tuesday. The company has a current ratio of 4.68, a quick ratio of 2.52 and a debt-to-equity ratio of 0.69. The stock has a 50 day simple moving average of $116.07 and a 200-day simple moving average of $123.43. The company has a market cap of $13.96 billion, a PE ratio of -18.98, a P/E/G ratio of 4.72 and a beta of 0.76. Sun Communities, Inc. has a 12-month low of $109.77 and a 12-month high of $137.85.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Monday, October 26th. The real estate investment trust reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.05. Sun Communities had a positive return on equity of 5.02% and a negative net margin of 36.00%. The business had revenue of $558.20 million during the quarter, compared to analyst estimates of $563.59 million. During the same period in the prior year, the company posted $2.28 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. On average, equities research analysts forecast that Sun Communities, Inc. will post 7.01 EPS for the current year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Wednesday, September 30th. Sun Communities’s payout ratio is -72.73%.

Sun Communities Profile

Sun Communities, Inc (NYSE:SUI) is a real estate investment trust that owns, operates and develops manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company provides residential sites for manufactured homes, seasonal and long-term RV accommodations, and marina facilities that include boat slips and related storage services.

Sun Communities also offers vacation accommodations and amenities such as swimming pools, clubhouses, recreational facilities and community services.