Handelsinvest Investeringsforvaltning Decreases Stake in Sun Communities, Inc. (NYSE:SUI)

Handelsinvest Investeringsforvaltning reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 34.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,092 shares of the real estate investment trust’s stock after selling 1,605 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Sun Communities were worth $398,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SUI. Mariner LLC boosted its position in shares of Sun Communities by 1.6% during the 3rd quarter. Mariner LLC now owns 11,291 shares of the real estate investment trust’s stock worth $1,336,000 after purchasing an additional 183 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Sun Communities by 12.8% during the 3rd quarter. Federated Hermes Inc. now owns 8,791 shares of the real estate investment trust’s stock worth $1,040,000 after purchasing an additional 1,000 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of Sun Communities by 16.2% during the 3rd quarter. Bank of Nova Scotia now owns 3,612 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 503 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Sun Communities during the 3rd quarter worth $466,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Sun Communities by 25.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 12,211 shares of the real estate investment trust’s stock worth $1,445,000 after buying an additional 2,451 shares during the last quarter. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Sun Communities Stock Down 0.2 %

SUI opened at $117.85 on Thursday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. The stock has a market capitalization of $14.69 billion, a price-to-earnings ratio of 101.60, a price-to-earnings-growth ratio of 1.04 and a beta of 0.88. The business has a 50-day moving average of $117.66 and a two-hundred day moving average of $124.87. Sun Communities, Inc. has a 12 month low of $102.74 and a 12 month high of $141.52.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Friday, June 28th. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Truist Financial cut their price target on Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research note on Monday, March 18th. Royal Bank of Canada cut their price target on Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Evercore ISI cut their price target on Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Compass Point lifted their price target on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, March 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $150.00 price target on shares of Sun Communities in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $136.27.

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.