Wealth Enhancement Advisory Services LLC Cuts Holdings in Sun Communities, Inc. (NYSE:SUI)

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 1.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,784 shares of the real estate investment trust’s stock after selling 126 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Sun Communities were worth $1,728,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. First Hawaiian Bank boosted its position in Sun Communities by 29.4% during the fourth quarter. First Hawaiian Bank now owns 22,440 shares of the real estate investment trust’s stock valued at $2,759,000 after purchasing an additional 5,100 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Sun Communities by 7.7% in the 4th quarter. Nordea Investment Management AB now owns 10,633 shares of the real estate investment trust’s stock valued at $1,307,000 after buying an additional 756 shares in the last quarter. Central Pacific Bank Trust Division grew its position in shares of Sun Communities by 97.2% in the 4th quarter. Central Pacific Bank Trust Division now owns 3,500 shares of the real estate investment trust’s stock worth $430,000 after buying an additional 1,725 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Sun Communities during the 3rd quarter worth approximately $1,564,000. Finally, Toronto Dominion Bank lifted its position in Sun Communities by 31.6% during the third quarter. Toronto Dominion Bank now owns 15,682 shares of the real estate investment trust’s stock valued at $2,119,000 after acquiring an additional 3,766 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Down 0.8 %

SUI stock opened at $121.28 on Wednesday. The company has a market capitalization of $15.45 billion, a P/E ratio of 65.20, a price-to-earnings-growth ratio of 0.51 and a beta of 0.89. Sun Communities, Inc. has a 12 month low of $110.98 and a 12 month high of $147.83. The firm’s fifty day simple moving average is $124.59 and its 200-day simple moving average is $129.15. 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). The business had revenue of $939.90 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company posted $2.57 earnings per share. As a group, equities research analysts forecast that Sun Communities, Inc. will post 6.78 earnings per share for the current year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SUI. UBS Group downgraded Sun Communities from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $155.00 to $134.00 in a research report on Thursday, November 14th. Evercore ISI upped their target price on Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a research report on Monday, October 21st. Jefferies Financial Group decreased their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Bank of America lowered 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, Baird R W lowered shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. 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. Based on data from MarketBeat.com, Sun Communities presently has a consensus rating of “Hold” and an average target price of $135.69.

Sun Communities Company 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.