Sun Communities, Inc. (NYSE:SUI) Stake Cut by Congress Asset Management Co. MA (2024)

Congress Asset Management Co. MA lowered its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 99.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,588 shares of the real estate investment trust's stock after selling 593,099 shares during the quarter. Congress Asset Management Co. MA's holdings in Sun Communities were worth $461,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new position in Sun Communities in the fourth quarter valued at approximately $576,397,000. JPMorgan Chase & Co. lifted its position in Sun Communities by 18.8% in the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust's stock valued at $777,168,000 after acquiring an additional 1,040,076 shares during the last quarter. Resolution Capital Ltd acquired a new position in Sun Communities in the third quarter valued at $104,406,000. Russell Investments Group Ltd. grew its holdings in shares of Sun Communities by 75.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust's stock worth $177,638,000 after purchasing an additional 570,329 shares during the last quarter. Finally, Rush Island Management LP acquired a new stake in shares of Sun Communities during the third quarter worth about $65,134,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Sun Communities Price Performance

Shares of Sun Communities stock traded up $1.93 during trading on Friday, reaching $117.52. The company's stock had a trading volume of 877,386 shares, compared to its average volume of 598,784. The business has a 50 day moving average price of $117.64 and a 200-day moving average price of $125.49. The company has a market capitalization of $14.65 billion, a P/E ratio of 101.31, a price-to-earnings-growth ratio of 1.02 and a beta of 0.87. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 1.08. Sun Communities, Inc. has a 12-month low of $102.74 and a 12-month high of $141.52.

Sun Communities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.94 per share. The ex-dividend date is Friday, June 28th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.20%. Sun Communities's dividend payout ratio (DPR) is presently 324.14%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Compass Point raised their price target on Sun Communities from $116.00 to $125.00 and gave the stock a "neutral" rating in a research note on Thursday, March 21st. Evercore ISI reduced their price target on shares of Sun Communities from $145.00 to $128.00 and set an "outperform" rating for the company in a research report on Wednesday, May 1st. Royal Bank of Canada dropped their price objective on shares of Sun Communities from $142.00 to $130.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 1st. Truist Financial decreased their target price on shares of Sun Communities from $143.00 to $136.00 and set a "hold" rating for the company in a research note on Monday, March 18th. Finally, JMP Securities restated a "market outperform" rating and issued a $150.00 price target on shares of Sun Communities in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $136.27.

Read Our Latest Stock Report on SUI

Insider Activity

In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.89% of the company's stock.

Sun Communities Company Profile

(Free Report)

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.

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