Sun Communities, Inc. (NYSE:SUI) Shares Purchased by Toronto Dominion Bank

Toronto Dominion Bank boosted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 31.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,682 shares of the real estate investment trust’s stock after buying an additional 3,766 shares during the quarter. Toronto Dominion Bank’s holdings in Sun Communities were worth $2,119,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. grew its holdings in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 190 shares during the period. Brooklyn Investment Group purchased a new stake in Sun Communities during the third quarter worth $41,000. Quest Partners LLC grew its holdings in Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Sun Communities in the third quarter valued at $60,000. Finally, 1620 Investment Advisors Inc. acquired a new position in shares of Sun Communities during the 2nd quarter worth $62,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

Shares of SUI stock opened at $122.20 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $15.57 billion, a price-to-earnings ratio of 65.70, a price-to-earnings-growth ratio of 0.51 and a beta of 0.88. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The company has a 50 day moving average price of $128.82 and a 200 day moving average price of $128.29.

Sun Communities (NYSE:SUI) last released 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 return on equity of 3.21% and a net margin of 7.46%. The firm 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 earned $2.57 earnings per share. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Sell-side analysts anticipate that Sun Communities, Inc. will post 6.78 EPS for the current year.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.08%. The ex-dividend date is Tuesday, December 31st. Sun Communities’s dividend payout ratio is currently 202.15%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SUI shares. Evercore ISI raised their target price on shares of Sun Communities from $149.00 to $150.00 and gave the company an “in-line” rating in a report on Monday, October 21st. BMO Capital Markets reduced their target price on Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. Robert W. Baird downgraded Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $145.00 to $126.00 in a research report on Thursday, November 7th. Truist Financial reduced their price objective on Sun Communities from $138.00 to $131.00 and set a “hold” rating on the stock in a research report on Wednesday, December 11th. Finally, StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Two equities 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $137.08.

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.