Royal London Asset Management Ltd. Sells 707 Shares of Sun Communities, Inc. (NYSE:SUI)

Royal London Asset Management Ltd. lessened its position in Sun Communities, Inc. (NYSE:SUI) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,479 shares of the real estate investment trust’s stock after selling 707 shares during the period. Royal London Asset Management Ltd.’s holdings in Sun Communities were worth $6,195,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Farmers & Merchants Investments Inc. bought a new stake in shares of Sun Communities during the 1st quarter worth about $26,000. V Square Quantitative Management LLC bought a new stake in shares of Sun Communities during the 4th quarter worth about $32,000. Quest Partners LLC bought a new stake in shares of Sun Communities during the 4th quarter worth about $51,000. 1620 Investment Advisors Inc. bought a new stake in shares of Sun Communities during the 2nd quarter worth about $62,000. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Sun Communities during the 1st quarter worth about $83,000. Institutional investors own 99.59% of the company’s stock.

Insider Activity

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $131.43, for a total transaction of $394,290.00. Following the transaction, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.89% of the company’s stock.

Wall Street Analysts Forecast Growth

SUI has been the subject of several research analyst reports. 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. Evercore ISI boosted their price objective on shares of Sun Communities from $143.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Robert W. Baird boosted their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Truist Financial boosted their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a report on Tuesday, August 13th. Finally, StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. 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 company’s stock. According to data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and a consensus target price of $137.64.

Sun Communities Price Performance

SUI stock opened at $147.59 on Friday. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $147.83. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market cap of $18.39 billion, a price-to-earnings ratio of 127.23, a P/E/G ratio of 1.04 and a beta of 0.91. The company has a 50 day simple moving average of $130.69 and a 200 day simple moving average of $124.89.

Sun Communities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s payout ratio is 324.14%.

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.