PNC Financial Services Group Inc. Decreases Stake in Sun Communities, Inc. (NYSE:SUI)

PNC Financial Services Group Inc. cut its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 5.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,402 shares of the real estate investment trust’s stock after selling 147 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sun Communities were worth $295,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Legacy Trust purchased a new position in Sun Communities during the 4th quarter worth approximately $625,000. Aurora Investment Managers LLC. grew its stake in shares of Sun Communities by 9.7% during the 4th quarter. Aurora Investment Managers LLC. now owns 27,490 shares of the real estate investment trust’s stock worth $3,380,000 after purchasing an additional 2,435 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Sun Communities by 16.1% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after purchasing an additional 108,054 shares during the period. VCI Wealth Management LLC acquired a new stake in shares of Sun Communities during the 4th quarter worth approximately $1,312,000. Finally, FMR LLC grew its stake in shares of Sun Communities by 37.6% during the 3rd quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after purchasing an additional 1,430,630 shares during the period. 99.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company dropped their price objective 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. Jefferies Financial Group dropped their price target on shares of Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Royal Bank of Canada reissued an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Truist Financial lifted their price target on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $136.60.

Sun Communities Trading Down 0.5 %

Shares of SUI stock opened at $131.00 on Friday. The stock’s fifty day moving average is $128.23 and its two-hundred day moving average is $129.50. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $16.69 billion, a P/E ratio of 70.43 and a beta of 0.90. Sun Communities, Inc. has a fifty-two week low of $110.98 and a fifty-two week high of $147.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $745.90 million for the quarter, compared to analyst estimates of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Research analysts expect that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 2.87%. Sun Communities’s dividend payout ratio is presently 508.11%.

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.