JPMorgan Chase & Co. Sells 635,513 Shares of Sun Communities, Inc. (NYSE:SUI)

JPMorgan Chase & Co. lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 39.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 990,076 shares of the real estate investment trust’s stock after selling 635,513 shares during the period. JPMorgan Chase & Co. owned approximately 0.78% of Sun Communities worth $133,809,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of SUI. Assetmark Inc. increased 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 valued at $27,000 after buying an additional 190 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Sun Communities in the third quarter worth about $41,000. Quest Partners LLC raised its position in shares of Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of Sun Communities during the 3rd quarter valued at about $60,000. Finally, Farther Finance Advisors LLC grew its position in shares of Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 236 shares during the period. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Sun Communities Stock Performance

Shares of NYSE SUI opened at $122.97 on Thursday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $15.67 billion, a P/E ratio of 66.11, a P/E/G ratio of 0.51 and a beta of 0.88. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The stock has a 50 day moving average of $126.44 and a 200-day moving average of $128.79.

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 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%. Sun Communities’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.57 earnings per share. As a group, equities research analysts predict that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.94 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 annualized dividend and a yield of 3.06%. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

Wall Street Analyst Weigh In

Several analysts have commented on SUI shares. Royal Bank of Canada dropped their target price on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $145.00 to $126.00 in a research note on Thursday, November 7th. Evercore ISI lifted their price objective on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a report on Thursday, October 17th. They set a “buy” rating and a $160.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $137.08.

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.