Deutsche Bank AG Purchases 632,331 Shares of Sun Communities, Inc. (NYSE:SUI)

Deutsche Bank AG raised its position in Sun Communities, Inc. (NYSE:SUI) by 398.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 791,003 shares of the real estate investment trust’s stock after purchasing an additional 632,331 shares during the period. Deutsche Bank AG’s holdings in Sun Communities were worth $97,270,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SUI. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Sun Communities by 8.5% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,069 shares of the real estate investment trust’s stock valued at $131,000 after acquiring an additional 84 shares during the period. Cascade Investment Advisors Inc. boosted its holdings in Sun Communities by 0.8% in the 4th quarter. Cascade Investment Advisors Inc. now owns 10,373 shares of the real estate investment trust’s stock valued at $1,276,000 after purchasing an additional 85 shares during the period. Utah Retirement Systems grew its position in shares of Sun Communities by 0.5% during the 4th quarter. Utah Retirement Systems now owns 20,503 shares of the real estate investment trust’s stock valued at $2,521,000 after purchasing an additional 100 shares in the last quarter. Cetera Trust Company N.A grew its position in shares of Sun Communities by 6.0% during the 4th quarter. Cetera Trust Company N.A now owns 1,865 shares of the real estate investment trust’s stock valued at $229,000 after purchasing an additional 105 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Sun Communities by 17.2% in the fourth quarter. Quadrant Capital Group LLC now owns 837 shares of the real estate investment trust’s stock worth $103,000 after purchasing an additional 123 shares during the period. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Up 1.6%

SUI stock opened at $125.53 on Monday. The company has a market capitalization of $16.02 billion, a PE ratio of 67.49 and a beta of 0.86. 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, Inc. has a one year low of $109.22 and a one year high of $147.83. The company’s 50 day moving average price is $126.09 and its two-hundred day moving average price is $126.27.

Sun Communities (NYSE:SUI) last issued its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.08. The company had revenue of $470.20 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 EPS. As a group, analysts predict that Sun Communities, Inc. will post 6.77 earnings per share for the current fiscal year.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.94 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.00%. Sun Communities’s dividend payout ratio is currently 606.45%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. JMP Securities reissued a “market outperform” rating and set a $140.00 price objective (down previously from $150.00) on shares of Sun Communities in a research note on Monday, April 21st. Robert W. Baird dropped their price target on Sun Communities from $128.00 to $126.00 and set a “neutral” rating for the company in a research report on Thursday. Truist Financial decreased their price objective on shares of Sun Communities from $142.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Royal Bank of Canada lowered their target price on shares of Sun Communities from $154.00 to $147.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Finally, Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Tuesday, April 8th. They issued a “buy” rating and a $150.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Sun Communities presently has an average rating of “Hold” and a consensus price target of $136.90.

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.