Sun Communities, Inc. (NYSE:SUI) Stake Lowered by Vontobel Holding Ltd.

Vontobel Holding Ltd. reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 7.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,542 shares of the real estate investment trust’s stock after selling 210 shares during the period. Vontobel Holding Ltd.’s holdings in Sun Communities were worth $344,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SUI. PNC Financial Services Group Inc. grew its holdings in shares of Sun Communities by 30.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,836 shares of the real estate investment trust’s stock valued at $379,000 after acquiring an additional 661 shares in the last quarter. Vert Asset Management LLC grew its holdings in shares of Sun Communities by 5.1% during the 1st quarter. Vert Asset Management LLC now owns 50,173 shares of the real estate investment trust’s stock valued at $6,451,000 after acquiring an additional 2,440 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Sun Communities during the 1st quarter valued at $1,504,000. Pasadena Private Wealth LLC grew its holdings in shares of Sun Communities by 4.2% during the 1st quarter. Pasadena Private Wealth LLC now owns 4,613 shares of the real estate investment trust’s stock valued at $593,000 after acquiring an additional 188 shares in the last quarter. Finally, Oak Thistle LLC purchased a new position in shares of Sun Communities during the 1st quarter valued at $567,000. 99.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SUI. Royal Bank of Canada lifted their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wells Fargo & Company lifted their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Robert W. Baird lifted their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Jefferies Financial Group began coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a “buy” rating and a $160.00 price objective for the company. Finally, Truist Financial lifted their price objective 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Sun Communities presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.91.

Sun Communities Stock Up 1.0 %

Sun Communities stock opened at $135.33 on Wednesday. The firm has a market cap of $16.87 billion, a price-to-earnings ratio of 116.66, a P/E/G ratio of 1.00 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $147.83. The firm has a fifty day moving average price of $135.49 and a two-hundred day moving average price of $125.90.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Monday, September 30th. Sun Communities’s dividend payout ratio is 324.14%.

Insiders Place Their Bets

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the business’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 completion of the transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.89% of the company’s stock.

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.