Utah Retirement Systems Grows Holdings in Sun Communities, Inc. (NYSE:SUI)

Utah Retirement Systems boosted its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 0.5% in the fourth quarter, HoldingsChannel reports. The fund owned 20,503 shares of the real estate investment trust’s stock after acquiring an additional 100 shares during the period. Utah Retirement Systems’ holdings in Sun Communities were worth $2,521,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SUI. Cohen & Steers Inc. lifted its holdings in shares of Sun Communities by 30.3% during the fourth quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust’s stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares during the last quarter. Dodge & Cox raised its stake in Sun Communities by 61.1% during the fourth quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust’s stock valued at $1,181,252,000 after buying an additional 3,644,853 shares during the last quarter. FMR LLC boosted its holdings in Sun Communities by 51.3% in the fourth quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust’s stock worth $973,660,000 after acquiring an additional 2,684,214 shares in the last quarter. Norges Bank purchased a new stake in shares of Sun Communities in the fourth quarter worth $888,783,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Sun Communities by 19.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust’s stock valued at $682,429,000 after acquiring an additional 911,857 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Up 1.4 %

NYSE:SUI opened at $132.15 on Friday. The company has a market cap of $16.86 billion, a PE ratio of 71.05 and a beta of 0.84. 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 50 day simple moving average of $126.97 and a two-hundred day simple moving average of $126.79. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83.

Sun Communities (NYSE:SUI) last issued its quarterly earnings data on Wednesday, February 26th. The real estate investment trust reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $745.90 million during the quarter, compared to analyst estimates of $724.68 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. Research analysts forecast that Sun Communities, Inc. will post 6.77 earnings per share for the current year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $3.76 annualized dividend and a yield of 2.85%. Sun Communities’s payout ratio is presently 508.11%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SUI. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. JMP Securities reiterated a “market outperform” rating and set a $140.00 price target (down previously from $150.00) on shares of Sun Communities in a report on Monday, April 21st. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research report on Tuesday, April 8th. They set a “buy” rating and a $150.00 price target for the company. Finally, Truist Financial lowered their price objective on Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $135.70.

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.