Janney Montgomery Scott LLC Lowers Stake in Sun Communities, Inc. (NYSE:SUI)

Janney Montgomery Scott LLC decreased its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 3.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,273 shares of the real estate investment trust’s stock after selling 512 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Sun Communities were worth $1,878,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings in shares of Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 190 shares during the period. Brooklyn Investment Group bought a new position in shares of Sun Communities during the 3rd quarter worth $41,000. Point72 Hong Kong Ltd purchased a new stake in Sun Communities in the third quarter worth about $60,000. Farther Finance Advisors LLC grew its holdings in Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 236 shares in the last quarter. Finally, Blue Trust Inc. increased its position in Sun Communities by 230.7% during the 3rd quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after purchasing an additional 436 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Up 0.4 %

Shares of Sun Communities stock opened at $126.45 on Monday. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a market cap of $16.11 billion, a PE ratio of 67.98 and a beta of 0.89. The firm has a fifty day moving average price of $124.54 and a 200 day moving average price of $129.62.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.20). The company had revenue of $939.90 million during the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period last year, the firm earned $2.57 EPS. Equities research analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SUI. UBS Group downgraded Sun Communities from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Royal Bank of Canada cut their price objective 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. Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Bank of America lowered shares of Sun Communities from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Finally, BMO Capital Markets decreased their price objective on Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $134.55.

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.