The Manufacturers Life Insurance Company Has $2.41 Million Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

The Manufacturers Life Insurance Company cut its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 5.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,022 shares of the real estate investment trust’s stock after selling 1,153 shares during the period. The Manufacturers Life Insurance Company’s holdings in Sun Communities were worth $2,409,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Farmers & Merchants Investments Inc. bought a new stake in Sun Communities in the first quarter valued at approximately $26,000. V Square Quantitative Management LLC bought a new stake in Sun Communities in the fourth quarter valued at approximately $32,000. Quest Partners LLC raised its stake 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. bought a new stake in Sun Communities in the second quarter valued at approximately $62,000. Finally, Fidelis Capital Partners LLC bought a new stake in Sun Communities in the first quarter valued at approximately $83,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SUI has been the topic of several research analyst reports. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Royal Bank of Canada increased their target price on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Evercore ISI lowered Sun Communities from an “outperform” rating to an “inline” rating and increased their target price for the stock from $144.00 to $149.00 in a research note on Monday, September 16th. Truist Financial increased their target price on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company increased their target price on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Sun Communities currently has a consensus rating of “Hold” and a consensus price target of $142.20.

Insider Buying and Selling at Sun Communities

In other Sun Communities 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 value of $394,290.00. Following the sale, the chief executive officer now owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.89% of the company’s stock.

Sun Communities Price Performance

Sun Communities stock opened at $126.71 on Thursday. The stock’s fifty day moving average price is $135.04 and its two-hundred day moving average price is $125.36. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $147.83. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a market cap of $15.79 billion, a PE ratio of 109.23, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio is presently 324.14%.

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.