Norges Bank Makes New $925.93 Million Investment in Sun Communities, Inc. $SUI

Norges Bank invested $925.93 million in Sun Communities, acquiring 7,320,153 shares, owning 5.85% of the company. Analysts have mixed ratings on Sun Communities, with a consensus "Hold" rating and an average target price of $137.42. Sun Communities reported $2.28 EPS for the quarter, beating estimates by $0.10, with revenue of $697.20 million.

Norges Bank purchased a new stake in Sun Communities, Inc. (NYSE:SUI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,320,153 shares of the real estate investment trust's stock, valued at approximately $925,926,000. Norges Bank owned 5.85% of Sun Communities as of its most recent filing with the Securities & Exchange Commission.

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Several other large investors also recently modified their holdings of the stock. Dodge & Cox increased its stake in shares of Sun Communities by 42.1% in the 1st quarter. Dodge & Cox now owns 13,647,820 shares of the real estate investment trust's stock valued at $1,755,656,000 after acquiring an additional 4,041,802 shares in the last quarter. Nuveen LLC acquired a new stake in Sun Communities in the first quarter worth $112,395,000. Deutsche Bank AG increased its stake in Sun Communities by 103.7% in the first quarter. Deutsche Bank AG now owns 1,611,425 shares of the real estate investment trust's stock valued at $207,294,000 after purchasing an additional 820,422 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Sun Communities by 10.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,118,054 shares of the real estate investment trust's stock valued at $787,029,000 after purchasing an additional 568,514 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Sun Communities by 2.3% during the first quarter. Vanguard Group Inc. now owns 17,947,285 shares of the real estate investment trust's stock valued at $2,308,739,000 after purchasing an additional 403,923 shares during the period. Institutional investors and hedge funds own 99.59% of the company's stock.

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Analysts Set New Price Targets

Several brokerages have recently commented on SUI. Truist Financial raised their target price on Sun Communities from $141.00 to $142.00 and gave the company a "buy" rating in a research note on Tuesday, November 18th. Evercore ISI increased their price target on Sun Communities from $136.00 to $138.00 and gave the stock an "in-line" rating in a report on Monday, September 15th. Royal Bank Of Canada raised their price objective on Sun Communities from $142.00 to $143.00 and gave the company an "outperform" rating in a research note on Thursday, November 6th. Robert W. Baird boosted their price objective on Sun Communities from $134.00 to $136.00 and gave the company a "neutral" rating in a report on Wednesday, November 19th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Sun Communities in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $137.42.

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Insiders Place Their Bets

In related news, Director Clunet R. Lewis sold 4,000 shares of the business's stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $126.24, for a total transaction of $504,960.00. Following the transaction, the director directly owned 26,000 shares in the company, valued at approximately $3,282,240. The trade was a 13.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.77% of the company's stock.

Sun Communities Stock Up 0.2%

SUI stock opened at $128.84 on Friday. The firm has a market capitalization of $15.93 billion, a PE ratio of 16.15, a P/E/G ratio of 4.05 and a beta of 0.86. The company has a quick ratio of 7.08, a current ratio of 7.08 and a debt-to-equity ratio of 0.55. Sun Communities, Inc. has a twelve month low of $109.22 and a twelve month high of $137.77. The stock's 50 day moving average is $125.98 and its 200-day moving average is $125.60.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.10. Sun Communities had a negative return on equity of 4.51% and a net margin of 42.58%.The business had revenue of $697.20 million during the quarter, compared to the consensus estimate of $713.32 million. During the same quarter in the prior year, the company posted $2.34 earnings per share. Sun Communities's revenue was up 2.5% compared to the same quarter last year. Sun Communities has set its Q4 2025 guidance at 1.310-1.390 EPS. FY 2025 guidance at 6.590-6.670 EPS. Sell-side analysts expect that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, September 30th. Sun Communities's dividend payout ratio (DPR) is presently 52.13%.

About Sun Communities

(Free Report)

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.

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