PNC Financial Services Group Inc. Grows Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

PNC Financial Services Group Inc. increased its position in Sun Communities, Inc. (NYSE:SUI) by 30.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,836 shares of the real estate investment trust’s stock after buying an additional 661 shares during the period. PNC Financial Services Group Inc.’s holdings in Sun Communities were worth $379,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Sun Communities during the fourth quarter worth about $4,544,000. Royal London Asset Management Ltd. raised its position in shares of Sun Communities by 6.7% during the fourth quarter. Royal London Asset Management Ltd. now owns 50,490 shares of the real estate investment trust’s stock valued at $6,748,000 after buying an additional 3,173 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Sun Communities by 13.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 258,491 shares of the real estate investment trust’s stock worth $34,547,000 after buying an additional 30,698 shares in the last quarter. Centaurus Financial Inc. boosted its position in shares of Sun Communities by 12.8% during the fourth quarter. Centaurus Financial Inc. now owns 1,274 shares of the real estate investment trust’s stock worth $170,000 after acquiring an additional 145 shares during the last quarter. Finally, Napa Wealth Management bought a new stake in Sun Communities in the 4th quarter valued at $317,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Up 0.2 %

NYSE:SUI opened at $120.35 on Friday. The firm has a 50-day simple moving average of $117.74 and a 200-day simple moving average of $125.22. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $141.52. The firm has a market cap of $15.00 billion, a P/E ratio of 103.75, 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 quick ratio of 1.78 and a current ratio of 1.78.

Sun Communities Announces Dividend

The business 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 dividend of $0.94 per share. The ex-dividend date is Friday, June 28th. This represents a $3.76 annualized dividend and a yield of 3.12%. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Evercore ISI reduced their target price on Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. JMP Securities reissued a “market outperform” rating and issued a $150.00 target price on shares of Sun Communities in a report on Thursday, May 2nd. Truist Financial decreased their price target on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a research note on Monday, March 18th. Royal Bank of Canada reduced their target price on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Finally, Compass Point increased their price target on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $136.27.

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.