Mirae Asset Global Investments Co. Ltd. Sells 159 Shares of Sun Communities, Inc. (NYSE:SUI)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 2.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,179 shares of the real estate investment trust’s stock after selling 159 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Sun Communities were worth $762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Assetmark Inc. grew its stake in shares of Sun Communities by 2,111.1% in the 3rd quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 190 shares during the period. Brooklyn Investment Group acquired a new stake in Sun Communities in the third quarter valued at approximately $41,000. CKW Financial Group increased its holdings in shares of Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after acquiring an additional 135 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Sun Communities during the third quarter valued at approximately $60,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Sun Communities by 89.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 236 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Bank of America cut Sun Communities from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $147.00 to $114.00 in a research note on Tuesday, November 12th. UBS Group cut Sun Communities from a “buy” rating to a “neutral” rating and reduced their target price for the company from $155.00 to $134.00 in a research note on Thursday, November 14th. Royal Bank of Canada reduced their price target on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Wells Fargo & Company dropped their price target on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Finally, StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Sun Communities currently has an average rating of “Hold” and an average target price of $134.55.

Sun Communities Price Performance

SUI stock opened at $125.02 on Thursday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.93. The stock has a market cap of $15.93 billion, a price-to-earnings ratio of 67.22 and a beta of 0.90. The business has a fifty day moving average of $124.30 and a two-hundred day moving average of $129.69. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83.

Sun Communities Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.01%. The ex-dividend date was Tuesday, December 31st. Sun Communities’s payout ratio is presently 202.15%.

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.