Cannon Global Investment Management LLC Acquires New Shares in Sun Communities, Inc. (NYSE:SUI)

Cannon Global Investment Management LLC acquired a new stake in Sun Communities, Inc. (NYSE:SUI) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,300 shares of the real estate investment trust’s stock, valued at approximately $1,021,000. Sun Communities makes up approximately 2.2% of Cannon Global Investment Management LLC’s portfolio, making the stock its 9th biggest position.

Several other institutional investors and hedge funds have also recently made changes to their positions in SUI. FMR LLC raised its holdings in Sun Communities by 37.6% in the third quarter. FMR LLC now owns 5,233,656 shares of the real estate investment trust’s stock worth $707,329,000 after purchasing an additional 1,430,630 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Sun Communities by 23.3% in 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 buying an additional 442,557 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Sun Communities by 1,061.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,323,479 shares of the real estate investment trust’s stock worth $178,868,000 after buying an additional 1,209,522 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Sun Communities by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,123,440 shares of the real estate investment trust’s stock worth $138,149,000 after purchasing an additional 47,899 shares during the period. Finally, Westfield Capital Management Co. LP grew its stake in shares of Sun Communities by 58.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 959,879 shares of the real estate investment trust’s stock worth $129,728,000 after purchasing an additional 355,427 shares during the period. 99.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of Sun Communities from $136.00 to $142.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Royal Bank of Canada reiterated an “outperform” rating on shares of Sun Communities in a report on Friday, February 28th. Wells Fargo & Company reduced their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Finally, Jefferies Financial Group reduced their price target on Sun Communities from $145.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Sun Communities presently has an average rating of “Hold” and a consensus price target of $136.60.

Sun Communities Stock Performance

NYSE SUI opened at $131.00 on Monday. The company has a market cap of $16.69 billion, a P/E ratio of 70.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61. The stock has a 50-day moving average of $128.23 and a two-hundred day moving average of $129.41. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83.

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

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Monday, March 31st. Sun Communities’s dividend payout ratio is currently 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.