Harvest Portfolios Group Inc. Purchases 4,639 Shares of Sun Communities, Inc. (NYSE:SUI)

Harvest Portfolios Group Inc. lifted its position in Sun Communities, Inc. (NYSE:SUI) by 16.5% in the 3rd quarter, Holdings Channel reports. The fund owned 32,806 shares of the real estate investment trust’s stock after acquiring an additional 4,639 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Sun Communities were worth $4,434,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in Sun Communities by 50.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after purchasing an additional 1,105,306 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Sun Communities by 3.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,949,862 shares of the real estate investment trust’s stock worth $354,986,000 after purchasing an additional 111,569 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Sun Communities by 24.0% in 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 buying an additional 424,842 shares during the last quarter. Centersquare Investment Management LLC grew its stake in shares of Sun Communities by 4.7% in the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after buying an additional 96,529 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Sun Communities by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,784,547 shares of the real estate investment trust’s stock valued at $214,752,000 after buying an additional 10,592 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

NYSE SUI opened at $132.12 on Wednesday. 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, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The business has a 50-day moving average price of $135.73 and a 200-day moving average price of $126.74. The firm has a market cap of $16.47 billion, a price-to-earnings ratio of 154.88, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91.

Sun Communities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities’s payout ratio is 437.21%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SUI shares. Evercore ISI boosted their target price on Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. Robert W. Baird increased their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Royal Bank of Canada lifted their target price on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Finally, UBS Group raised shares of Sun Communities to a “strong-buy” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $143.91.

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.