Sun Communities, Inc. (NYSE:SUI) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its position in shares of Sun Communities, Inc. (NYSE:SUI) by 0.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 469,382 shares of the real estate investment trust’s stock after selling 3,515 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.38% of Sun Communities worth $60,353,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. raised its holdings in Sun Communities by 12.8% in the 3rd quarter. Federated Hermes Inc. now owns 8,791 shares of the real estate investment trust’s stock valued at $1,040,000 after buying an additional 1,000 shares during the period. Bank of Nova Scotia raised its holdings in Sun Communities by 16.2% in the 3rd quarter. Bank of Nova Scotia now owns 3,612 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 503 shares during the period. Quadrature Capital Ltd purchased a new stake in Sun Communities in the 3rd quarter valued at about $466,000. Advisors Asset Management Inc. raised its holdings in Sun Communities by 25.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 12,211 shares of the real estate investment trust’s stock valued at $1,445,000 after buying an additional 2,451 shares during the period. Finally, Kennedy Capital Management LLC raised its holdings in Sun Communities by 18.5% in the 3rd quarter. Kennedy Capital Management LLC now owns 84,700 shares of the real estate investment trust’s stock valued at $10,023,000 after buying an additional 13,250 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Sun Communities Stock Down 0.6 %

SUI stock opened at $118.04 on Wednesday. The company’s 50 day moving average price is $117.71 and its 200 day moving average price is $124.92. 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, 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 $14.71 billion, a price-to-earnings ratio of 101.76, a PEG ratio of 1.06 and a beta of 0.89.

Sun Communities Announces Dividend

The company also recently announced 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 3.19%. Sun Communities’s payout ratio is 324.14%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. JMP Securities restated a “market outperform” rating and issued a $150.00 price objective on shares of Sun Communities in a report on Thursday, May 2nd. Royal Bank of Canada cut their price target on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Evercore ISI cut their price target on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Truist Financial cut 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. Finally, Compass Point boosted their price target on shares of Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, March 21st. 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price 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.