Sanctuary Advisors LLC Sells 998 Shares of Sun Communities, Inc. (NYSE:SUI)

Sanctuary Advisors LLC trimmed its holdings in Sun Communities, Inc. (NYSE:SUI) by 34.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,908 shares of the real estate investment trust’s stock after selling 998 shares during the quarter. Sanctuary Advisors LLC’s holdings in Sun Communities were worth $243,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SUI. Virtu Financial LLC acquired a new position in Sun Communities in the third quarter valued at approximately $1,564,000. Toronto Dominion Bank boosted its position in shares of Sun Communities by 31.6% in the 3rd quarter. Toronto Dominion Bank now owns 15,682 shares of the real estate investment trust’s stock worth $2,119,000 after purchasing an additional 3,766 shares during the last quarter. Vestcor Inc boosted its position in shares of Sun Communities by 36.9% in the 3rd quarter. Vestcor Inc now owns 2,915 shares of the real estate investment trust’s stock worth $394,000 after purchasing an additional 785 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Sun Communities by 84.4% in the third quarter. Y Intercept Hong Kong Ltd now owns 12,806 shares of the real estate investment trust’s stock valued at $1,731,000 after buying an additional 5,861 shares during the period. Finally, Zimmer Partners LP acquired a new position in shares of Sun Communities during the 3rd quarter worth about $5,068,000. 99.59% of the stock is owned by institutional investors.

Sun Communities Price Performance

NYSE:SUI opened at $123.66 on Monday. 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, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The stock’s 50 day moving average price is $127.23 and its two-hundred day moving average price is $128.74. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 66.48, a P/E/G ratio of 0.51 and a beta of 0.88.

Sun Communities (NYSE:SUI) last released its quarterly earnings data 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 company had revenue of $939.90 million for 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 company’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the firm earned $2.57 earnings per share. On average, analysts anticipate that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. UBS Group downgraded shares of Sun Communities from a “buy” rating to a “neutral” rating and lowered their target price for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Wells Fargo & Company decreased their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Jefferies Financial Group initiated coverage on shares of Sun Communities in a report on Thursday, October 17th. They set a “buy” rating and a $160.00 target price on the stock. Robert W. Baird cut shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $145.00 to $126.00 in a report on Thursday, November 7th. Finally, Bank of America lowered shares of Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $147.00 to $114.00 in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $137.08.

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.