Park Avenue Securities LLC Sells 1,251 Shares of Sun Communities, Inc. (NYSE:SUI)

Park Avenue Securities LLC lessened its holdings in Sun Communities, Inc. (NYSE:SUI) by 17.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,821 shares of the real estate investment trust’s stock after selling 1,251 shares during the quarter. Park Avenue Securities LLC’s holdings in Sun Communities were worth $748,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Evoke Wealth LLC acquired a new position in Sun Communities in the fourth quarter worth about $5,594,000. Clearbridge Investments LLC grew its position in Sun Communities by 12.3% in the fourth quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock valued at $40,654,000 after acquiring an additional 33,382 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Sun Communities by 5.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock worth $89,975,000 after acquiring an additional 33,795 shares in the last quarter. Strs Ohio raised its stake in Sun Communities by 8.6% during the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock worth $40,241,000 after acquiring an additional 23,792 shares in the last quarter. Finally, abrdn plc lifted its holdings in shares of Sun Communities by 33.8% during the fourth quarter. abrdn plc now owns 76,538 shares of the real estate investment trust’s stock valued at $10,229,000 after acquiring an additional 19,314 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Trading Up 1.5 %

Shares of NYSE SUI opened at $120.06 on Friday. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.52. The firm has a market capitalization of $14.96 billion, a P/E ratio of 103.50, a P/E/G ratio of 1.05 and a beta of 0.87. 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 company’s 50 day simple moving average is $117.69 and its 200 day simple moving average is $125.28.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.13%. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. JMP Securities reiterated a “market outperform” rating and set a $150.00 target price on shares of Sun Communities in a research report on Thursday, May 2nd. Truist Financial dropped their price objective on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a report on Monday, March 18th. Compass Point increased their price target on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, March 21st. Evercore ISI dropped their price target on Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Finally, Royal Bank of Canada reduced their price objective on Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. One 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, Sun Communities presently has an average rating of “Hold” and an average price target of $136.27.

Sun Communities Company 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.