Sumitomo Mitsui DS Asset Management Company Ltd Reduces Stake in Sun Communities, Inc. (NYSE:SUI)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its stake in Sun Communities, Inc. (NYSE:SUI) by 0.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,658 shares of the real estate investment trust’s stock after selling 306 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Sun Communities were worth $4,414,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SUI. Price T Rowe Associates Inc. MD boosted its position in shares of Sun Communities by 50.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock valued at $424,677,000 after buying an additional 1,105,306 shares during the period. PGGM Investments lifted its stake in Sun Communities by 159.9% in the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after acquiring an additional 767,126 shares during the period. Daiwa Securities Group Inc. grew its holdings in Sun Communities by 24.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock worth $264,253,000 after acquiring an additional 424,842 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Sun Communities by 199.1% during the second quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock worth $42,754,000 after buying an additional 238,498 shares during the period. Finally, National Bank of Canada FI raised its position in shares of Sun Communities by 499.9% in the 1st quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust’s stock worth $18,562,000 after acquiring an additional 131,641 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SUI shares. Truist Financial raised their price objective on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Jefferies Financial Group started coverage on Sun Communities in a research report on Thursday. They set a “buy” rating and a $160.00 price target for the company. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday. UBS Group upgraded shares of Sun Communities to a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada boosted their price target on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.82.

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 value of $394,290.00. Following the completion of the transaction, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.89% of the company’s stock.

Sun Communities Stock Down 1.0 %

Shares of NYSE:SUI opened at $136.19 on Friday. The company has a market cap of $16.97 billion, a price-to-earnings ratio of 117.41, a PEG ratio of 0.95 and a beta of 0.91. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $147.83. The firm’s 50-day simple moving average is $135.31 and its 200-day simple moving average is $125.72. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a yield of 2.76%. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

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.