Canada Pension Plan Investment Board Sells 626 Shares of Sun Communities, Inc. (NYSE:SUI)

Canada Pension Plan Investment Board trimmed its stake in Sun Communities, Inc. (NYSE:SUI) by 0.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,422,166 shares of the real estate investment trust’s stock after selling 626 shares during the period. Canada Pension Plan Investment Board owned about 1.14% of Sun Communities worth $171,143,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SUI. Farmers & Merchants Investments Inc. acquired a new stake in Sun Communities during the first quarter worth about $26,000. V Square Quantitative Management LLC acquired a new stake in shares of Sun Communities during the 4th quarter worth approximately $32,000. Quest Partners LLC increased its position in shares of Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 381 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of Sun Communities in the second quarter valued at $62,000. Finally, Fidelis Capital Partners LLC bought a new position in Sun Communities in the first quarter worth $83,000. Institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SUI. Wells Fargo & Company boosted their price target on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday. Royal Bank of Canada upped their target price 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. Truist Financial raised their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Robert W. Baird upped their price objective on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Finally, Evercore ISI downgraded Sun Communities from an “outperform” rating to an “inline” rating and raised their target price for the stock from $144.00 to $149.00 in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $140.91.

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the firm’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 completion of 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.89% of the stock is owned by corporate insiders.

Sun Communities Trading Down 2.8 %

SUI stock opened at $140.62 on Friday. The business has a fifty day moving average price of $133.07 and a 200 day moving average price of $125.29. 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 stock has a market capitalization of $17.53 billion, a price-to-earnings ratio of 121.23, a P/E/G ratio of 1.07 and a beta of 0.91.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.67%. Sun Communities’s dividend payout ratio is 324.14%.

Sun Communities Company 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.