New York State Common Retirement Fund Has $8.15 Million Position in Sun Communities, Inc. (NYSE:SUI)

New York State Common Retirement Fund lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 63,347 shares of the real estate investment trust’s stock after selling 200 shares during the quarter. New York State Common Retirement Fund’s holdings in Sun Communities were worth $8,149,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in shares of Sun Communities during the 4th quarter worth about $888,783,000. Cohen & Steers Inc. boosted its holdings in shares of Sun Communities by 30.3% in the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock valued at $2,013,414,000 after buying an additional 3,811,528 shares during the period. Dodge & Cox boosted its holdings in Sun Communities by 61.1% during the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock worth $1,181,252,000 after purchasing an additional 3,644,853 shares during the last quarter. FMR LLC raised its position in Sun Communities by 51.3% during the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock worth $973,660,000 after acquiring an additional 2,684,214 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Sun Communities by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock worth $682,429,000 after acquiring an additional 911,857 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Insider Activity

In other Sun Communities news, Director Jeff Blau bought 3,665 shares of Sun Communities stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average price of $117.99 per share, with a total value of $432,433.35. Following the completion of the acquisition, the director directly owned 3,665 shares in the company, valued at approximately $432,433.35. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.77% of the stock is currently owned by company insiders.

Sun Communities Stock Performance

Sun Communities stock opened at $125.17 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.25 and a quick ratio of 2.25. Sun Communities, Inc. has a 1-year low of $109.22 and a 1-year high of $147.83. The firm has a market capitalization of $15.98 billion, a P/E ratio of 201.89, a price-to-earnings-growth ratio of 8.51 and a beta of 0.86. The company’s 50-day moving average is $124.85 and its 200 day moving average is $125.80.

Sun Communities (NYSE:SUI) last issued its earnings results 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. The business had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The company’s quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the company posted $1.19 earnings per share. Research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a dividend of $1.04 per share. This is an increase from Sun Communities’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Monday, June 30th. Sun Communities’s payout ratio is presently 670.97%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Truist Financial set a $137.00 price target on shares of Sun Communities and gave the company a “buy” rating in a research note on Tuesday, June 3rd. JMP Securities reissued a “market outperform” rating and issued a $140.00 price target on shares of Sun Communities in a research report on Tuesday, May 20th. Robert W. Baird lowered their target price 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. Barclays assumed coverage on shares of Sun Communities in a report on Thursday, May 29th. They set an “overweight” rating and a $141.00 price objective on the stock. Finally, Morgan Stanley started coverage on shares of Sun Communities in a research report on Tuesday, July 15th. They issued an “equal weight” rating and a $135.00 price objective on the stock. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Sun Communities currently has an average rating of “Hold” and an average target price of $137.86.

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.