Sun Communities, Inc. (NYSE:SUI) Stake Trimmed by Cohen & Steers Inc.

Cohen & Steers Inc. lowered its position in Sun Communities, Inc. (NYSE:SUI) by 0.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 13,575,656 shares of the real estate investment trust’s stock after selling 96,093 shares during the period. Sun Communities accounts for approximately 3.7% of Cohen & Steers Inc.’s portfolio, making the stock its 9th biggest holding. Cohen & Steers Inc. owned approximately 10.91% of Sun Communities worth $1,814,574,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in Sun Communities by 18.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock valued at $777,168,000 after purchasing an additional 1,040,076 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Sun Communities by 1.0% during the 4th quarter. Principal Financial Group Inc. now owns 4,569,401 shares of the real estate investment trust’s stock worth $610,700,000 after acquiring an additional 45,700 shares during the period. Norges Bank purchased a new position in shares of Sun Communities during the 4th quarter worth $576,397,000. Daiwa Securities Group Inc. raised its holdings in shares of Sun Communities by 1.2% during the 4th quarter. Daiwa Securities Group Inc. now owns 2,597,775 shares of the real estate investment trust’s stock worth $347,193,000 after acquiring an additional 31,831 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Sun Communities by 8.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,514,234 shares of the real estate investment trust’s stock worth $336,027,000 after acquiring an additional 201,325 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Truist Financial reduced their price target on Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. Royal Bank of Canada reduced their price target on Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a report 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 report on Thursday, March 21st. Evercore ISI cut their price objective on Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Finally, JMP Securities reissued a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Sun Communities currently has an average rating of “Hold” and a consensus price target of $136.27.

Insider Buying and Selling at Sun Communities

In other news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Baxter Underwood sold 4,000 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the transaction, the chief executive officer now directly owns 66,852 shares of the company’s stock, valued at $8,789,700.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The disclosure for this sale can be found here. 1.89% of the stock is currently owned by corporate insiders.

Sun Communities Trading Up 2.2 %

NYSE SUI traded up $2.54 during trading on Wednesday, hitting $116.45. The stock had a trading volume of 829,357 shares, compared to its average volume of 782,013. The company has a market capitalization of $14.51 billion, a PE ratio of 100.39, a PEG ratio of 1.01 and a beta of 0.87. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 1.08. The firm has a 50 day moving average price of $118.71 and a 200 day moving average price of $126.17. Sun Communities, Inc. has a twelve month low of $102.74 and a twelve month high of $141.52.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.23%. The ex-dividend date is Friday, June 28th. Sun Communities’s dividend payout ratio is currently 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.