Private Management Group Inc. Sells 1,597 Shares of Sun Communities, Inc. (NYSE:SUI)

Private Management Group Inc. trimmed its stake in Sun Communities, Inc. (NYSE:SUI) by 1.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 166,294 shares of the real estate investment trust’s stock after selling 1,597 shares during the period. Private Management Group Inc. owned 0.13% of Sun Communities worth $20,449,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SUI. Legacy Trust acquired a new stake in shares of Sun Communities in the fourth quarter worth $625,000. Aurora Investment Managers LLC. lifted its position in 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 acquiring an additional 2,435 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Sun Communities by 6.9% during the third quarter. Victory Capital Management Inc. now owns 77,203 shares of the real estate investment trust’s stock valued at $10,434,000 after acquiring an additional 5,008 shares during the period. VCI Wealth Management LLC acquired a new stake in shares of Sun Communities in the fourth quarter valued at about $1,312,000. Finally, FMR LLC increased its stake in shares of Sun Communities by 37.6% in the third 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 currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SUI shares. Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $147.00 to $114.00 in a research note on Tuesday, November 12th. BMO Capital Markets lowered their price objective on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Royal Bank of Canada cut their target price 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. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Finally, Baird R W downgraded shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $134.55.

Sun Communities Price Performance

Shares of Sun Communities stock opened at $126.30 on Thursday. The firm has a market cap of $16.09 billion, a P/E ratio of 67.90 and a beta of 0.90. The firm’s 50-day simple moving average is $124.48 and its 200-day simple moving average is $129.63. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61.

Sun Communities (NYSE:SUI) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share 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 analyst estimates of $980.41 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm’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 firm posted $2.57 earnings per share. As a group, research analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s dividend payout ratio (DPR) is 202.15%.

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.