Allspring Global Investments Holdings LLC Cuts Position in Sun Communities, Inc. (NYSE:SUI)

Allspring Global Investments Holdings LLC decreased its holdings in Sun Communities, Inc. (NYSE:SUI) by 2.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 437,869 shares of the real estate investment trust’s stock after selling 11,495 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.35% of Sun Communities worth $59,178,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SUI. Farmers & Merchants Investments Inc. purchased a new position in Sun Communities in the first quarter valued at approximately $26,000. Quest Partners LLC raised 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 buying an additional 381 shares during the period. 1620 Investment Advisors Inc. purchased a new position in Sun Communities in the second quarter valued at approximately $62,000. Fidelis Capital Partners LLC purchased a new position in Sun Communities in the first quarter valued at approximately $83,000. Finally, Blue Trust Inc. raised its holdings in Sun Communities by 230.7% in the third quarter. Blue Trust Inc. now owns 625 shares of the real estate investment trust’s stock valued at $84,000 after buying an additional 436 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

SUI has been the subject of several analyst reports. Wells Fargo & Company upped their target price on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. UBS Group raised Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. Royal Bank of Canada increased their target price on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Robert W. Baird increased their target price on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Finally, Jefferies Financial Group started coverage on Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Sun Communities currently has a consensus rating of “Moderate Buy” and an average target price of $143.91.

Sun Communities Stock Performance

Shares of NYSE SUI opened at $133.97 on Tuesday. The firm has a market cap of $16.70 billion, a P/E ratio of 115.49, a PEG ratio of 1.00 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a fifty day moving average price of $135.39 and a two-hundred day moving average price of $125.82. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $147.83.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s dividend payout ratio is presently 324.14%.

Insider Transactions at Sun Communities

In other news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the sale, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at $8,340,810.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.89% of the company’s stock.

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.