CIBC Asset Management Inc Increases Stake in Sun Communities, Inc. (NYSE:SUI)

CIBC Asset Management Inc increased its holdings in Sun Communities, Inc. (NYSE:SUI) by 4.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,173 shares of the real estate investment trust’s stock after purchasing an additional 175 shares during the quarter. CIBC Asset Management Inc’s holdings in Sun Communities were worth $502,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its stake in shares of Sun Communities by 1.0% in the 4th quarter. Principal Financial Group Inc. now owns 4,569,401 shares of the real estate investment trust’s stock valued at $610,700,000 after acquiring an additional 45,700 shares during the last quarter. Norges Bank bought a new stake in Sun Communities in the fourth quarter valued at approximately $576,397,000. Price T Rowe Associates Inc. MD raised its holdings in Sun Communities by 50.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock valued at $424,677,000 after buying an additional 1,105,306 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Sun Communities by 8.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,514,234 shares of the real estate investment trust’s stock valued at $336,027,000 after buying an additional 201,325 shares during the period. Finally, Centersquare Investment Management LLC grew its holdings in Sun Communities by 4.7% in the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after acquiring an additional 96,529 shares during the last quarter. 99.59% of the stock is owned by institutional investors.

Sun Communities Price Performance

Shares of NYSE SUI opened at $141.22 on Friday. The company has a 50 day simple moving average of $128.21 and a two-hundred day simple moving average of $124.44. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.32. The company has a market capitalization of $17.61 billion, a price-to-earnings ratio of 121.74, 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 quick ratio of 1.42 and a current ratio of 1.42.

Sun Communities Announces Dividend

The business 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 $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Monday, September 30th. Sun Communities’s dividend payout ratio (DPR) is 324.14%.

Insider Transactions at Sun Communities

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

Wall Street Analysts Forecast Growth

SUI has been the subject of a number of analyst reports. Royal Bank of Canada increased 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 lifted their price objective on Sun Communities from $143.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Truist Financial upped their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Finally, Robert W. Baird increased their price target on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $137.64.

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.