OVERSEA CHINESE BANKING Corp Ltd Reduces Stock Position in Sun Communities, Inc. (NYSE:SUI)

OVERSEA CHINESE BANKING Corp Ltd decreased its position in Sun Communities, Inc. (NYSE:SUI) by 76.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,625 shares of the real estate investment trust’s stock after selling 18,015 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Sun Communities were worth $760,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SUI. Entropy Technologies LP raised its holdings in shares of Sun Communities by 44.4% during the third quarter. Entropy Technologies LP now owns 12,685 shares of the real estate investment trust’s stock valued at $1,714,000 after acquiring an additional 3,903 shares in the last quarter. Los Angeles Capital Management LLC increased its position in Sun Communities by 173.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 150,174 shares of the real estate investment trust’s stock valued at $20,296,000 after purchasing an additional 95,303 shares during the period. Assetmark Inc. lifted its position in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 190 shares during the period. Harvest Portfolios Group Inc. boosted its stake in shares of Sun Communities by 16.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 32,806 shares of the real estate investment trust’s stock valued at $4,434,000 after purchasing an additional 4,639 shares in the last quarter. Finally, Global Wealth Management Investment Advisory Inc. increased its position in shares of Sun Communities by 12.3% during the third quarter. Global Wealth Management Investment Advisory Inc. now owns 4,189 shares of the real estate investment trust’s stock valued at $566,000 after buying an additional 458 shares during the period. 99.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price objective on the stock. UBS Group raised Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. Robert W. Baird lowered Sun Communities from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $145.00 to $126.00 in a research report on Thursday, November 7th. Royal Bank of Canada reduced their target price on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Finally, Truist Financial lifted their price target on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $139.50.

Sun Communities Price Performance

Shares of SUI opened at $125.89 on Thursday. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The company has a market capitalization of $16.04 billion, a P/E ratio of 67.68, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91. The firm has a 50 day moving average of $134.93 and a 200 day moving average of $126.99. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The business had revenue of $939.90 million during the quarter, compared to the consensus estimate of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.57 EPS. As a group, equities research analysts anticipate that Sun Communities, Inc. will post 6.76 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is currently 202.15%.

About Sun Communities

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.