Verition Fund Management LLC Sells 38,430 Shares of Sun Communities, Inc. (NYSE:SUI)

Verition Fund Management LLC lowered its position in Sun Communities, Inc. (NYSE:SUI) by 39.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 58,815 shares of the real estate investment trust’s stock after selling 38,430 shares during the period. Verition Fund Management LLC’s holdings in Sun Communities were worth $7,949,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Assetmark Inc. boosted its stake in Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 190 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Sun Communities during the third quarter valued at approximately $41,000. Quest Partners LLC boosted its position in shares of Sun Communities by 12,700.0% in the 2nd quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Sun Communities in the 2nd quarter worth approximately $62,000. Finally, Farther Finance Advisors LLC increased its position in Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 236 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of SUI opened at $126.33 on Monday. The firm has a fifty day simple moving average of $130.92 and a two-hundred day simple moving average of $127.93. The firm has a market cap of $16.09 billion, a PE ratio of 67.92, 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, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83.

Sun Communities (NYSE:SUI) last posted its quarterly earnings data 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). Sun Communities had a net margin of 7.46% and a return on equity of 3.21%. The firm had revenue of $939.90 million for the quarter, compared to analysts’ expectations of $980.41 million. During the same quarter last year, the company posted $2.57 EPS. The firm’s revenue was down 4.4% compared to the same quarter last year. On average, equities analysts anticipate that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is presently 202.15%.

Analyst Ratings Changes

Several equities research analysts have commented on SUI shares. Robert W. Baird downgraded Sun Communities from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Jefferies Financial Group started 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 for the company. Truist Financial upped their target price on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company raised their price target on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Sun Communities currently has an average rating of “Hold” and a consensus target price of $139.08.

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.