Assetmark Inc. Buys 190 Shares of Sun Communities, Inc. (NYSE:SUI)

Assetmark Inc. increased its stake in Sun Communities, Inc. (NYSE:SUI) by 2,111.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 199 shares of the real estate investment trust’s stock after buying an additional 190 shares during the period. Assetmark Inc.’s holdings in Sun Communities were worth $27,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new position in shares of Sun Communities during the second quarter worth approximately $13,164,000. Virtu Financial LLC purchased a new stake in shares of Sun Communities in the first quarter valued at approximately $1,106,000. CANADA LIFE ASSURANCE Co grew its stake in Sun Communities by 3.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 176,868 shares of the real estate investment trust’s stock worth $22,733,000 after purchasing an additional 6,704 shares in the last quarter. Swedbank AB purchased a new position in Sun Communities during the 1st quarter worth $13,660,000. Finally, SG Americas Securities LLC raised its position in Sun Communities by 130.5% during the 2nd quarter. SG Americas Securities LLC now owns 47,428 shares of the real estate investment trust’s stock valued at $5,707,000 after purchasing an additional 26,852 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

NYSE SUI opened at $126.61 on Wednesday. The firm’s fifty day simple moving average is $133.84 and its two-hundred day simple moving average is $127.27. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83. The firm has a market capitalization of $16.13 billion, a P/E ratio of 68.07, a P/E/G ratio of 0.53 and a beta of 0.91. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.93.

Sun Communities (NYSE:SUI) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The company had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. During the same quarter in the previous year, the company posted $2.57 EPS. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. Analysts forecast that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date was Monday, September 30th. Sun Communities’s dividend payout ratio is presently 202.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SUI shares. Evercore ISI increased their price target on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a research report on Monday, October 21st. Truist Financial increased their target price on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. BMO Capital Markets reduced their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. Jefferies Financial Group initiated coverage on shares of Sun Communities in a research note on Thursday, October 17th. They set a “buy” rating and a $160.00 price objective on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $139.08.

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.