Hsbc Holdings PLC Increases Position in Sun Communities, Inc. (NYSE:SUI)

Hsbc Holdings PLC boosted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 199.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 358,284 shares of the real estate investment trust’s stock after purchasing an additional 238,498 shares during the quarter. Hsbc Holdings PLC owned about 0.29% of Sun Communities worth $42,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Evoke Wealth LLC bought a new stake in shares of Sun Communities in the 4th quarter valued at about $5,594,000. Centersquare Investment Management LLC boosted its stake in Sun Communities by 4.7% in the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock valued at $279,259,000 after acquiring an additional 96,529 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Sun Communities by 8.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust’s stock worth $18,414,000 after purchasing an additional 11,195 shares during the last quarter. APG Asset Management US Inc. increased its position in shares of Sun Communities by 10.0% during the fourth quarter. APG Asset Management US Inc. now owns 428,979 shares of the real estate investment trust’s stock worth $57,333,000 after purchasing an additional 39,028 shares in the last quarter. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of Sun Communities during the 2nd quarter valued at $13,164,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Insider Activity at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the sale, the chief executive officer now owns 63,462 shares in the company, valued at approximately $8,340,810.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.89% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Evercore ISI lowered Sun Communities from an “outperform” rating to an “inline” rating and upped their target price for the company from $144.00 to $149.00 in a research report on Monday, September 16th. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. 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 research note on Friday, August 2nd. Truist Financial upped their price target on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company lifted their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $140.91.

Sun Communities Price Performance

NYSE:SUI opened at $140.62 on Friday. The firm’s fifty day moving average is $133.07 and its two-hundred day moving average is $125.29. The firm has a market cap of $17.53 billion, a price-to-earnings ratio of 121.23, a PEG ratio of 1.07 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $147.83.

Sun Communities Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.67%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

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.