Ameriprise Financial Inc. Trims Stake in Sun Communities, Inc. (NYSE:SUI)

Ameriprise Financial Inc. reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 40.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,250 shares of the real estate investment trust’s stock after selling 33,900 shares during the quarter. Ameriprise Financial Inc.’s holdings in Sun Communities were worth $6,065,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Alyeska Investment Group L.P. increased its position in shares of Sun Communities by 112.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,004,688 shares of the real estate investment trust’s stock valued at $123,546,000 after buying an additional 531,880 shares in the last quarter. Anson Funds Management LP acquired a new stake in shares of Sun Communities in the fourth quarter worth approximately $2,704,000. AXA S.A. boosted its stake in shares of Sun Communities by 12.6% in the fourth quarter. AXA S.A. now owns 199,553 shares of the real estate investment trust’s stock worth $24,539,000 after acquiring an additional 22,299 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in shares of Sun Communities by 112.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,196 shares of the real estate investment trust’s stock worth $1,008,000 after acquiring an additional 4,342 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in shares of Sun Communities in the fourth quarter worth approximately $716,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $119.95 on Friday. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The stock has a market capitalization of $15.31 billion, a P/E ratio of 64.49 and a beta of 0.86. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The business’s fifty day moving average price is $124.37 and its 200 day moving average price is $125.66.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.08. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The company had revenue of $470.20 million for the quarter, compared to analysts’ expectations of $538.63 million. During the same quarter in the previous year, the firm posted $1.19 earnings per share. The firm’s quarterly revenue was up .2% on a year-over-year basis. As a group, research analysts anticipate that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is presently 606.45%.

Analyst Ratings Changes

SUI has been the topic of a number of research analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $140.00 price target on shares of Sun Communities in a research note on Tuesday. Robert W. Baird lowered their price target on Sun Communities from $128.00 to $126.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Royal Bank of Canada lowered their price target on Sun Communities from $154.00 to $147.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Truist Financial lowered their price target on Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Finally, Jefferies Financial Group initiated coverage on Sun Communities in a research note on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $138.70.

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.