Daiwa Securities Group Inc. Has $256.98 Million Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Daiwa Securities Group Inc. reduced its position in Sun Communities, Inc. (NYSE:SUI) by 13.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,901,463 shares of the real estate investment trust’s stock after selling 294,421 shares during the period. Sun Communities comprises 1.2% of Daiwa Securities Group Inc.’s holdings, making the stock its 24th largest position. Daiwa Securities Group Inc. owned about 1.53% of Sun Communities worth $256,983,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Assetmark Inc. lifted its position in shares of Sun Communities by 2,111.1% in the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 190 shares during the last quarter. Quest Partners LLC raised its stake in 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 valued at $46,000 after acquiring an additional 381 shares during the period. Farther Finance Advisors LLC lifted its holdings 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 purchasing an additional 236 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Sun Communities during the 2nd quarter valued at $62,000. Finally, Blue Trust Inc. boosted its position in Sun Communities by 230.7% during the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock worth $84,000 after purchasing an additional 436 shares during the period. Institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

SUI opened at $127.46 on Friday. The firm has a market cap of $16.24 billion, a P/E ratio of 68.53, a price-to-earnings-growth ratio of 0.54 and a beta of 0.91. The business’s fifty day moving average is $132.51 and its 200-day moving average is $127.49. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83. 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 announced its quarterly earnings data 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 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 expect that Sun Communities, Inc. will post 6.78 EPS for the current fiscal year.

Sun Communities Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SUI shares. Robert W. Baird lowered shares of Sun Communities from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $145.00 to $126.00 in a research report on Thursday, November 7th. BMO Capital Markets lowered their price target on shares of Sun Communities from $145.00 to $138.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Baird R W cut Sun Communities from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $147.00 to $114.00 in a research report on Tuesday, November 12th. Finally, Truist Financial lifted their price target on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $139.08.

Sun Communities Company 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.