Sun Communities, Inc. (NYSE:SUI) Shares Sold by Millennium Management LLC

Millennium Management LLC lessened its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 73.5% during the 4th quarter, Holdings Channel reports. The firm owned 132,480 shares of the real estate investment trust’s stock after selling 368,305 shares during the period. Millennium Management LLC’s holdings in Sun Communities were worth $16,291,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Legacy Trust acquired a new stake in shares of Sun Communities during the fourth quarter worth about $625,000. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Sun Communities by 16.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust’s stock worth $95,885,000 after buying an additional 108,054 shares during the period. VCI Wealth Management LLC acquired a new stake in Sun Communities in the fourth quarter valued at approximately $1,312,000. Vert Asset Management LLC raised its holdings in Sun Communities by 9.9% in the fourth quarter. Vert Asset Management LLC now owns 56,083 shares of the real estate investment trust’s stock valued at $6,897,000 after acquiring an additional 5,060 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in Sun Communities by 45.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 124 shares in the last quarter. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of Sun Communities stock opened at $121.12 on Thursday. The firm has a market capitalization of $15.46 billion, a P/E ratio of 65.12 and a beta of 0.86. Sun Communities, Inc. has a 52 week low of $109.22 and a 52 week high of $147.83. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The firm’s 50 day moving average is $124.88 and its two-hundred day moving average is $125.83.

Sun Communities (NYSE:SUI) last announced its quarterly earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. The company had revenue of $470.20 million for the quarter, compared to analyst estimates of $538.63 million. Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm’s revenue was up .2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.19 earnings per share. Research analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.94 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 3.10%. Sun Communities’s dividend payout ratio is currently 606.45%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Truist Financial reduced their target price on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Royal Bank of Canada reduced their target price on shares of Sun Communities from $154.00 to $147.00 and set an “outperform” rating on the stock in a report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a report on Tuesday, April 8th. They issued a “buy” rating and a $150.00 target price on the stock. Robert W. Baird reduced their target price on shares of Sun Communities from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Thursday, May 8th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $140.00 target price on shares of Sun Communities in a report on Tuesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $138.70.

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.