Bank of Nova Scotia Raises Position in Sun Communities, Inc. (NYSE:SUI)

Posted by Defense World Staff on May 24th, 2023

Bank of Nova Scotia lifted its stake in shares of Sun Communities, Inc. (NYSE:SUI – Get Rating) by 41.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,730 shares of the real estate investment trust’s stock after buying an additional 1,086 shares during the period. Bank of Nova Scotia’s holdings in Sun Communities were worth $533,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SUI. Glassman Wealth Services boosted its holdings in Sun Communities by 114.1% during the 4th quarter. Glassman Wealth Services now owns 182 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 97 shares during the last quarter. Accurate Wealth Management LLC bought a new stake in Sun Communities in the 4th quarter worth about $27,000. Eagle Bay Advisors LLC bought a new stake in Sun Communities in the 2nd quarter worth about $27,000. Huntington National Bank lifted its position in shares of Sun Communities by 850.0% during the 3rd quarter. Huntington National Bank now owns 209 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 187 shares in the last quarter. Finally, CVA Family Office LLC boosted its stake in shares of Sun Communities by 571.4% in the 3rd quarter. CVA Family Office LLC now owns 235 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 200 shares during the last quarter. Institutional investors own 93.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SUI shares. StockNews.com initiated coverage on Sun Communities in a research report on Thursday, May 18th. They set a “sell” rating for the company. Truist Financial cut their price target on shares of Sun Communities from $166.00 to $163.00 and set a “buy” rating on the stock in a report on Friday, March 31st. Wells Fargo & Company initiated coverage on shares of Sun Communities in a report on Wednesday, March 29th. They set an “equal weight” rating and a $151.00 price objective for the company. Robert W. Baird boosted their target price on shares of Sun Communities from $160.00 to $168.00 in a research note on Thursday, May 18th. Finally, Barclays decreased their price target on shares of Sun Communities from $185.00 to $168.00 and set an “overweight” rating for the company in a research note on Monday, April 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $164.38.

Insider Activity at Sun Communities

In other Sun Communities news, Director Clunet R. Lewis sold 1,500 shares of the firm’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $148.51, for a total value of $222,765.00. Following the completion of the transaction, the director now directly owns 26,900 shares of the company’s stock, valued at approximately $3,994,919. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.06% of the stock is owned by corporate insiders.

Sun Communities Stock Down 1.2 %

Sun Communities stock opened at $129.15 on Wednesday. The firm has a 50 day simple moving average of $136.01 and a 200 day simple moving average of $142.53. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.92. Sun Communities, Inc. has a 1-year low of $117.63 and a 1-year high of $172.67. The firm has a market capitalization of $16.07 billion, a price-to-earnings ratio of 74.65, a P/E/G ratio of 2.97 and a beta of 0.71.

Sun Communities (NYSE:SUI – Get Rating) last announced its quarterly earnings results on Monday, April 24th. The real estate investment trust reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $1.18 by ($1.42). The company had revenue of $651.20 million during the quarter, compared to analysts’ expectations of $610.32 million. Sun Communities had a net margin of 6.87% and a return on equity of 2.63%. Sun Communities’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.34 earnings per share. On average, analysts predict that Sun Communities, Inc. will post 7.3 earnings per share for the current year.

Sun Communities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 17th. Stockholders of record on Friday, March 31st were issued a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.88%. This is an increase from Sun Communities’s previous quarterly dividend of $0.88. The ex-dividend date was Thursday, March 30th. Sun Communities’s dividend payout ratio is presently 215.03%.

Sun Communities Company Profile

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Sun Communities, Inc provides real estate management services. The firm operates through the following segments: Manufactured Home Communities, Recreational Vehicle, and Marina. The Manufactured Home Communities segment owns, operates, and develops manufactured housing communities and is in the business of acquiring, operating, and developing ground up communities to provide housing solutions.