Sun Communities (NYSE:SUI) Releases Earnings Results

Sun Communities (NYSE:SUI) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.38), FiscalAI reports. Sun Communities had a negative return on equity of 4.53% and a net margin of 42.58%.The firm had revenue of $515.20 million during the quarter, compared to analyst estimates of $509.40 million.

Sun Communities Trading Up 0.2%

Shares of SUI stock traded up $0.30 on Tuesday, hitting $131.46. 911,103 shares of the stock traded hands, compared to its average volume of 764,972. The company has a debt-to-equity ratio of 0.58, a quick ratio of 6.01 and a current ratio of 6.01. Sun Communities has a twelve month low of $109.22 and a twelve month high of $137.77. The firm’s 50-day moving average price is $126.06 and its two-hundred day moving average price is $126.26. The stock has a market capitalization of $16.26 billion, a PE ratio of 16.47, a PEG ratio of 4.31 and a beta of 0.90.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Wednesday, December 31st were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 3.2%. The ex-dividend date was Wednesday, December 31st. Sun Communities’s dividend payout ratio is presently 52.13%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SUI. Wall Street Zen upgraded Sun Communities from a “sell” rating to a “hold” rating in a research report on Sunday, November 9th. Barclays reissued an “overweight” rating and issued a $144.00 price target on shares of Sun Communities in a report on Tuesday, January 13th. Jefferies Financial Group set a $142.00 price objective on shares of Sun Communities and gave the company a “buy” rating in a report on Monday, November 3rd. Morgan Stanley dropped their target price on shares of Sun Communities from $139.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Sun Communities in a research report on Wednesday, January 21st. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $137.46.

Insider Buying and Selling at Sun Communities

In other news, Director Gary A. Shiffman sold 156,875 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.53, for a total value of $19,378,768.75. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sun Communities

Several institutional investors have recently modified their holdings of SUI. Wellington Management Group LLP raised its stake in shares of Sun Communities by 1,224.1% in the third quarter. Wellington Management Group LLP now owns 4,485,795 shares of the real estate investment trust’s stock valued at $578,668,000 after acquiring an additional 4,147,015 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Sun Communities by 37,933.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,474,162 shares of the real estate investment trust’s stock worth $182,663,000 after purchasing an additional 1,470,286 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in Sun Communities by 152.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 767,190 shares of the real estate investment trust’s stock worth $95,063,000 after purchasing an additional 463,312 shares during the period. Millennium Management LLC increased its holdings in Sun Communities by 124.4% during the 3rd quarter. Millennium Management LLC now owns 685,324 shares of the real estate investment trust’s stock worth $88,407,000 after purchasing an additional 379,877 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Sun Communities during the third quarter worth approximately $42,260,000. Institutional investors and hedge funds own 99.59% of the company’s stock.

About Sun Communities

Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company’s portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers.

Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector.