Federated Hermes Inc. Sells 1,635 Shares of Sun Communities, Inc. (NYSE:SUI)

Federated Hermes Inc. lessened its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 17.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 7,971 shares of the real estate investment trust’s stock after selling 1,635 shares during the period. Federated Hermes Inc.’s holdings in Sun Communities were worth $959,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of SUI. Price T Rowe Associates Inc. MD grew its stake in shares of 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 acquiring an additional 1,105,306 shares during the period. PGGM Investments increased its stake in shares of Sun Communities by 159.9% in 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. raised its position in shares of Sun Communities by 24.0% during the 2nd 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. Heitman Real Estate Securities LLC bought a new stake in Sun Communities during the fourth quarter valued at about $17,776,000. Finally, National Bank of Canada FI lifted its position in shares of Sun Communities by 499.9% in the first quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust’s stock valued at $18,562,000 after acquiring an additional 131,641 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Insider Activity at Sun Communities

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 transaction, the chief executive officer now owns 63,462 shares in the company, valued at $8,340,810.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.89% of the stock is currently owned by insiders.

Sun Communities Trading Down 2.7 %

SUI opened at $140.68 on Friday. The stock has a 50-day moving average of $133.07 and a 200 day moving average of $125.25. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. Sun Communities, Inc. has a 12 month low of $102.74 and a 12 month high of $147.83. The firm has a market cap of $17.54 billion, a P/E ratio of 121.28, a P/E/G ratio of 1.07 and a beta of 0.91.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Monday, September 30th. Sun Communities’s dividend payout ratio is currently 324.14%.

Analyst Upgrades and Downgrades

SUI has been the topic of several recent analyst reports. Wells Fargo & Company lifted their target price on Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday. StockNews.com cut shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Truist Financial upped their target price on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Royal Bank of Canada lifted their price target on shares of Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Robert W. Baird increased their price objective on shares of Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $140.91.

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.