Nordea Investment Management AB Boosts Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Nordea Investment Management AB boosted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 7.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,633 shares of the real estate investment trust’s stock after acquiring an additional 756 shares during the period. Nordea Investment Management AB’s holdings in Sun Communities were worth $1,307,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Central Pacific Bank Trust Division grew its stake in Sun Communities by 97.2% during the fourth quarter. Central Pacific Bank Trust Division now owns 3,500 shares of the real estate investment trust’s stock valued at $430,000 after acquiring an additional 1,725 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Sun Communities in the 3rd quarter worth $1,564,000. Toronto Dominion Bank grew its stake 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 buying an additional 3,766 shares in the last quarter. Vestcor Inc grew its stake 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 buying an additional 785 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its stake in shares of Sun Communities by 84.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 12,806 shares of the real estate investment trust’s stock worth $1,731,000 after buying an additional 5,861 shares in the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Trading Down 1.4 %

Shares of SUI opened at $120.89 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 50-day moving average of $124.99 and a 200 day moving average of $129.13. The firm has a market capitalization of $15.40 billion, a price-to-earnings ratio of 64.99, a PEG ratio of 0.51 and a beta of 0.89. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

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

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.94 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.11%. Sun Communities’s dividend payout ratio is currently 202.15%.

Wall Street Analyst Weigh In

SUI has been the subject of a number of recent research reports. UBS Group cut shares of Sun Communities from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $155.00 to $134.00 in a research note on Thursday, November 14th. Royal Bank of Canada dropped their price objective on shares of Sun Communities from $147.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. BMO Capital Markets dropped their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a research note on Thursday, November 7th. Bank of America cut shares of Sun Communities from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. Finally, Evercore ISI lifted their price target on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $135.69.

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.