Brookfield Corp ON Cuts Stake in Sun Communities, Inc. (NYSE:SUI)

Brookfield Corp ON lowered its position in shares of Sun Communities, Inc. (NYSE:SUI) by 10.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 392,595 shares of the real estate investment trust’s stock after selling 48,136 shares during the quarter. Brookfield Corp ON owned 0.32% of Sun Communities worth $55,309,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Cetera Investment Advisers lifted its holdings in shares of Sun Communities by 1.9% during the 1st quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock worth $605,000 after acquiring an additional 64 shares during the period. Vestcor Inc lifted its holdings in shares of Sun Communities by 2.3% during the 4th quarter. Vestcor Inc now owns 2,926 shares of the real estate investment trust’s stock worth $418,000 after acquiring an additional 65 shares during the period. Nissay Asset Management Corp Japan ADV lifted its holdings in shares of Sun Communities by 0.3% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 26,611 shares of the real estate investment trust’s stock worth $3,749,000 after acquiring an additional 77 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Sun Communities by 2.6% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 3,459 shares of the real estate investment trust’s stock worth $495,000 after acquiring an additional 89 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in shares of Sun Communities by 2.5% during the 1st quarter. Fifth Third Bancorp now owns 3,756 shares of the real estate investment trust’s stock worth $529,000 after acquiring an additional 92 shares during the period. Hedge funds and other institutional investors own 94.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. StockNews.com assumed coverage on shares of Sun Communities in a report on Thursday, August 17th. They issued a “sell” rating on the stock. Robert W. Baird raised their price target on shares of Sun Communities from $160.00 to $168.00 in a report on Thursday, May 18th. Wolfe Research upgraded shares of Sun Communities from a “peer perform” rating to an “outperform” rating and set a $155.00 price target on the stock in a report on Tuesday, July 11th. Truist Financial cut their price target on shares of Sun Communities from $157.00 to $148.00 and set a “buy” rating on the stock in a report on Thursday, August 17th. Finally, Barclays cut their price target on shares of Sun Communities from $168.00 to $158.00 in a report on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Sun Communities presently has an average rating of “Moderate Buy” and an average target price of $153.56.

Sun Communities Stock Up 1.6 %

Shares of NYSE:SUI opened at $120.77 on Tuesday. Sun Communities, Inc. has a 52-week low of $117.63 and a 52-week high of $163.83. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $15.03 billion, a price-to-earnings ratio of 65.64, a price-to-earnings-growth ratio of 3.33 and a beta of 0.71. The company has a 50 day moving average of $128.01 and a two-hundred day moving average of $132.54.

Sun Communities (NYSE:SUI) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($1.23). Sun Communities had a return on equity of 2.80% and a net margin of 7.27%. The company had revenue of $863.50 million for the quarter, compared to analyst estimates of $834.99 million. During the same period in the previous year, the business posted $2.02 EPS. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. As a group, analysts forecast that Sun Communities, Inc. will post 7.12 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend is Thursday, September 28th. Sun Communities’s payout ratio is currently 202.17%.

Insider Transactions at Sun Communities

In other news, EVP Marc Farrugia sold 4,962 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $123.90, for a total transaction of $614,791.80. Following the completion of the sale, the executive vice president now owns 5,093 shares of the company’s stock, valued at $631,022.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Sun Communities news, EVP Marc Farrugia sold 4,962 shares of Sun Communities stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $123.90, for a total value of $614,791.80. Following the completion of the transaction, the executive vice president now owns 5,093 shares of the company’s stock, valued at $631,022.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Baxter Underwood acquired 400 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was acquired at an average cost of $119.93 per share, with a total value of $47,972.00. Following the acquisition, the chief executive officer now owns 73,633 shares of the company’s stock, valued at $8,830,805.69. The disclosure for this purchase can be found here. Corporate insiders own 2.06% of the company’s stock.

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 June 30, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 180,060 developed sites and approximately 48,180 wet slips and dry storage spaces in the U.S., the UK and Canada.