Sun Communities, Inc. (NYSE:SUI) Shares Sold by Forsta AP Fonden

Forsta AP Fonden reduced its position in Sun Communities, Inc. (NYSE:SUI) by 15.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,400 shares of the real estate investment trust’s stock after selling 2,700 shares during the period. Forsta AP Fonden’s holdings in Sun Communities were worth $1,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in SUI. Norges Bank acquired a new position in shares of Sun Communities in the fourth quarter worth about $576,397,000. Price T Rowe Associates Inc. MD raised its holdings in Sun Communities by 50.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after purchasing an additional 1,105,306 shares during the period. PGGM Investments boosted its position in Sun Communities by 159.9% during the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after purchasing an additional 767,126 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Sun Communities by 24.0% in the second quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after purchasing an additional 424,842 shares during the period. Finally, Heitman Real Estate Securities LLC purchased a new stake in shares of Sun Communities in the fourth quarter valued at approximately $17,776,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Performance

NYSE:SUI opened at $145.96 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a market capitalization of $18.20 billion, a P/E ratio of 125.83, a PEG ratio of 1.06 and a beta of 0.91. The company has a 50 day moving average price of $131.26 and a 200 day moving average price of $124.89. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $147.83.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.58%. 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 business’s stock in a transaction 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 document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.89% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Evercore ISI lowered shares of Sun Communities from an “outperform” rating to an “inline” rating and raised their price target for the company from $144.00 to $149.00 in a research note on Monday. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Robert W. Baird increased their price target on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Royal Bank of Canada raised their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Truist Financial boosted their target price 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $138.09.

Sun Communities 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.