PGGM Investments Reduces Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

PGGM Investments decreased its holdings in Sun Communities, Inc. (NYSE:SUI) by 15.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 933,723 shares of the real estate investment trust’s stock after selling 165,499 shares during the quarter. Sun Communities comprises approximately 1.9% of PGGM Investments’ portfolio, making the stock its 12th biggest position. PGGM Investments owned 0.75% of Sun Communities worth $124,792,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Sun Communities by 5.3% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock worth $89,975,000 after acquiring an additional 33,795 shares during the period. Strs Ohio lifted its stake in Sun Communities by 8.6% in the fourth quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock worth $40,241,000 after acquiring an additional 23,792 shares during the period. Stratos Wealth Partners LTD. lifted its stake in Sun Communities by 9.2% in the third quarter. Stratos Wealth Partners LTD. now owns 1,846 shares of the real estate investment trust’s stock worth $219,000 after acquiring an additional 155 shares during the period. DNB Asset Management AS lifted its stake in Sun Communities by 5.6% in the fourth quarter. DNB Asset Management AS now owns 17,647 shares of the real estate investment trust’s stock worth $2,359,000 after acquiring an additional 932 shares during the period. Finally, Arizona State Retirement System lifted its position in Sun Communities by 0.7% during the fourth quarter. Arizona State Retirement System now owns 34,195 shares of the real estate investment trust’s stock valued at $4,570,000 after buying an additional 253 shares during the period. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

NYSE SUI traded up $0.16 during trading hours on Friday, reaching $119.08. The company’s stock had a trading volume of 394,605 shares, compared to its average volume of 518,050. The firm’s 50-day moving average price is $127.11 and its 200-day moving average price is $125.17. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a market capitalization of $14.84 billion, a price-to-earnings ratio of 104.46, a PEG ratio of 1.06 and a beta of 0.80.

Sun Communities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were issued a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 3.16%. Sun Communities’s payout ratio is currently 329.83%.

Insider Buying and Selling

In related news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,000 shares of company stock valued at $912,460. Corporate insiders own 1.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on SUI shares. JMP Securities reissued a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research report on Tuesday. Barclays reduced their price target on Sun Communities from $157.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a report on Tuesday, January 30th. They set a “hold” rating and a $129.00 price target for the company. BMO Capital Markets reduced their price target on Sun Communities from $143.00 to $140.00 and set an “outperform” rating for the company in a report on Monday, January 22nd. Finally, Compass Point raised their price target on Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $141.17.

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.