Cohen & Steers Inc. Purchases 3,811,528 Shares of Sun Communities, Inc. (NYSE:SUI)

Cohen & Steers Inc. boosted its holdings in Sun Communities, Inc. (NYSE:SUI) by 30.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,373,446 shares of the real estate investment trust’s stock after purchasing an additional 3,811,528 shares during the quarter. Sun Communities comprises approximately 3.8% of Cohen & Steers Inc.’s investment portfolio, making the stock its 8th largest holding. Cohen & Steers Inc. owned about 12.85% of Sun Communities worth $2,013,414,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC increased its position in shares of Sun Communities by 51.3% during 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 acquired a new position in Sun Communities during the 4th quarter valued at about $888,783,000. Daiwa Securities Group Inc. increased its holdings in Sun Communities by 23.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,344,020 shares of the real estate investment trust’s stock worth $288,244,000 after purchasing an additional 442,557 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Sun Communities by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 2,143,173 shares of the real estate investment trust’s stock worth $263,069,000 after purchasing an additional 48,846 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Sun Communities by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock valued at $138,149,000 after purchasing an additional 47,899 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

SUI has been the subject of several recent research reports. Truist Financial decreased their price target on Sun Communities from $142.00 to $135.00 and set a “buy” rating for the company in a report on Thursday. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a research note on Friday, February 28th. Finally, Jefferies Financial Group initiated 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 on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $136.70.

Sun Communities Stock Up 1.2 %

SUI opened at $120.36 on Monday. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $147.83. The company’s 50-day moving average price is $127.89 and its two-hundred day moving average price is $127.47. The stock has a market cap of $15.36 billion, a price-to-earnings ratio of 64.71 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93.

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

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s dividend payout ratio (DPR) is presently 508.11%.

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.