Skandinaviska Enskilda Banken AB publ Boosts Stake in Sun Communities, Inc. (NYSE:SUI)

Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,362 shares of the real estate investment trust’s stock after purchasing an additional 400 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Sun Communities were worth $2,811,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Farmers & Merchants Investments Inc. purchased a new position in shares of Sun Communities during the 1st quarter valued at about $26,000. V Square Quantitative Management LLC purchased a new position in Sun Communities during the fourth quarter valued at approximately $32,000. Quest Partners LLC boosted its position in shares of Sun Communities by 12,700.0% in the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in shares of Sun Communities in the second quarter worth $62,000. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Sun Communities during the 1st quarter valued at $83,000. Institutional investors own 99.59% of the company’s stock.

Insider Buying and Selling

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the sale, the chief executive officer now directly owns 63,462 shares in the company, valued at $8,340,810.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.89% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on SUI shares. Royal Bank of Canada upped 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 cut Sun Communities from an “outperform” rating to an “inline” rating and increased their target price for the stock from $144.00 to $149.00 in a research report on Monday, September 16th. Robert W. Baird boosted their price target on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Wells Fargo & Company increased their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Finally, Truist Financial lifted their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. One 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 company’s stock. According to data from MarketBeat, Sun Communities has an average rating of “Hold” and a consensus target price of $140.91.

Sun Communities Price Performance

Sun Communities stock opened at $140.26 on Tuesday. Sun Communities, Inc. has a 52-week low of $102.74 and a 52-week high of $147.83. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The firm’s fifty day moving average is $133.38 and its 200 day moving average is $125.26. The company has a market cap of $17.48 billion, a price-to-earnings ratio of 120.91, a PEG ratio of 1.07 and a beta of 0.91.

Sun Communities Announces Dividend

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. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Monday, September 30th. Sun Communities’s payout ratio is 324.14%.

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.