Franklin Resources Inc. Sells 989 Shares of Sun Communities, Inc. (NYSE:SUI)

Franklin Resources Inc. trimmed its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 11.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 7,763 shares of the real estate investment trust’s stock after selling 989 shares during the quarter. Franklin Resources Inc.’s holdings in Sun Communities were worth $1,011,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of SUI. Toronto Dominion Bank grew its stake in Sun Communities by 0.8% during the second quarter. Toronto Dominion Bank now owns 11,916 shares of the real estate investment trust’s stock worth $1,434,000 after buying an additional 98 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Sun Communities by 15.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 762 shares of the real estate investment trust’s stock worth $92,000 after acquiring an additional 102 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in shares of Sun Communities by 1.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock worth $846,000 after acquiring an additional 115 shares in the last quarter. Avior Wealth Management LLC increased its stake in Sun Communities by 3.0% in the third quarter. Avior Wealth Management LLC now owns 4,328 shares of the real estate investment trust’s stock valued at $585,000 after acquiring an additional 125 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in Sun Communities by 4.4% during the second quarter. CIBC Asset Management Inc now owns 4,173 shares of the real estate investment trust’s stock valued at $502,000 after purchasing an additional 175 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SUI has been the topic of several recent analyst reports. Truist Financial decreased their price target on Sun Communities from $138.00 to $131.00 and set a “hold” rating on the stock in a research note on Wednesday, December 11th. Evercore ISI boosted their target price on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Royal Bank of Canada reduced their price target on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. UBS Group cut shares of Sun Communities from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $155.00 to $134.00 in a research report on Thursday, November 14th. Finally, Wells Fargo & Company decreased their target price on shares of Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $137.08.

Sun Communities Stock Down 0.9 %

Shares of NYSE SUI opened at $123.66 on Friday. The company’s 50 day moving average price is $127.23 and its 200-day moving average price is $128.65. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83. The company has a market capitalization of $15.75 billion, a P/E ratio of 66.48, a price-to-earnings-growth ratio of 0.51 and a beta of 0.88.

Sun Communities (NYSE:SUI) last issued its quarterly 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). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $939.90 million for the quarter, compared to the consensus estimate of $980.41 million. During the same period last year, the company posted $2.57 EPS. The business’s revenue was down 4.4% compared to the same quarter last year. Equities analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.04%. The ex-dividend date is Tuesday, December 31st. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

Sun Communities 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.