Sumitomo Mitsui Trust Holdings Inc. Sells 15,086 Shares of Sun Communities, Inc. (NYSE:SUI)

Sumitomo Mitsui Trust Holdings Inc. decreased its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 2.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 658,129 shares of the real estate investment trust’s stock after selling 15,086 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.53% of Sun Communities worth $84,622,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farmers & Merchants Investments Inc. bought a new position in Sun Communities during the 1st quarter valued at approximately $26,000. V Square Quantitative Management LLC purchased a new position in shares of Sun Communities during the 4th quarter worth approximately $32,000. Quest Partners LLC bought a new position in shares of Sun Communities in the 4th quarter worth approximately $51,000. GAMMA Investing LLC purchased a new position in shares of Sun Communities in the 4th quarter valued at approximately $80,000. Finally, Tobam boosted its position in shares of Sun Communities by 64.0% during the fourth quarter. Tobam now owns 743 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 290 shares in the last quarter. Institutional investors own 99.59% of the company’s stock.

Sun Communities Trading Down 0.3 %

Shares of NYSE:SUI opened at $117.73 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.78 and a quick ratio of 1.78. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a market cap of $14.67 billion, a P/E ratio of 101.49, a PEG ratio of 1.04 and a beta of 0.88. The stock’s fifty day moving average price is $117.66 and its 200-day moving average price is $124.87.

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 paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.19%. The ex-dividend date is Friday, June 28th. Sun Communities’s dividend payout ratio is currently 324.14%.

Analyst Ratings Changes

Several brokerages have commented on SUI. Compass Point raised their price objective on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a research report on Thursday, March 21st. Truist Financial dropped their price objective 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. Evercore ISI decreased their target price on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. JMP Securities reissued a “market outperform” rating and issued a $150.00 price target on shares of Sun Communities in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada cut their price target 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 equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $136.27.

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.