Charles Schwab Investment Management Inc. Has $145.36 Million Holdings in Sun Communities, Inc. (NYSE:SUI)

Charles Schwab Investment Management Inc. grew its holdings in Sun Communities, Inc. (NYSE:SUI) by 0.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,075,541 shares of the real estate investment trust’s stock after purchasing an additional 3,254 shares during the period. Charles Schwab Investment Management Inc. owned about 0.86% of Sun Communities worth $145,359,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. PGGM Investments grew its position in Sun Communities by 159.9% during the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock valued at $150,033,000 after purchasing an additional 767,126 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock worth $264,253,000 after acquiring an additional 424,842 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Sun Communities by 199.1% in the second quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock worth $42,754,000 after acquiring an additional 238,498 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Sun Communities by 3.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock worth $354,986,000 after acquiring an additional 111,569 shares in the last quarter. Finally, Manning & Napier Advisors LLC acquired a new stake in Sun Communities during the second quarter valued at $13,164,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, Baird R W cut shares of Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Sun Communities has a consensus rating of “Hold” and an average price target of $139.08.

Sun Communities Price Performance

NYSE SUI opened at $127.46 on Monday. The stock has a 50-day simple moving average of $132.51 and a 200 day simple moving average of $127.57. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The stock has a market capitalization of $16.24 billion, a PE ratio of 68.53, a P/E/G ratio of 0.54 and a beta of 0.91. 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 issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The business had revenue of $939.90 million for the quarter, compared to analyst estimates of $980.41 million. Sun Communities had a return on equity of 3.21% and a net margin of 7.46%. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.57 earnings per share. Research analysts anticipate that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a yield of 2.95%. Sun Communities’s dividend payout ratio is 202.15%.

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.