Allspring Global Investments Holdings LLC Has $62.13 Million Holdings in Sun Communities, Inc. (NYSE:SUI)

Posted by on Apr 2nd, 2023

Allspring Global Investments Holdings LLC boosted its holdings in shares of Sun Communities, Inc. (NYSE:SUI – Get Rating) by 2.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 434,500 shares of the real estate investment trust’s stock after buying an additional 9,519 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.35% of Sun Communities worth $62,134,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. PGGM Investments acquired a new stake in Sun Communities in the 3rd quarter worth approximately $134,497,000. Invesco Ltd. boosted its holdings in shares of Sun Communities by 72.4% during the 1st quarter. Invesco Ltd. now owns 1,916,668 shares of the real estate investment trust’s stock worth $335,973,000 after buying an additional 805,125 shares during the period. State Street Corp grew its stake in Sun Communities by 11.7% in the 1st quarter. State Street Corp now owns 5,647,271 shares of the real estate investment trust’s stock valued at $994,744,000 after buying an additional 591,348 shares during the last quarter. Vanguard Group Inc. grew its stake in Sun Communities by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 17,409,317 shares of the real estate investment trust’s stock valued at $2,356,002,000 after buying an additional 505,660 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Sun Communities by 109.4% in the 3rd quarter. Canada Pension Plan Investment Board now owns 878,631 shares of the real estate investment trust’s stock worth $118,905,000 after acquiring an additional 459,026 shares during the period. 93.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Sun Communities

In other news, Director Clunet R. Lewis sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $148.51, for a total transaction of $222,765.00. Following the completion of the transaction, the director now directly owns 26,900 shares of the company’s stock, valued at approximately $3,994,919. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SUI shares. JMP Securities restated a “market outperform” rating and set a $160.00 price target on shares of Sun Communities in a report on Wednesday, March 8th. StockNews.com raised Sun Communities to a “sell” rating in a report on Tuesday, March 21st. Truist Financial dropped their price target on Sun Communities from $166.00 to $163.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Wells Fargo & Company assumed coverage on Sun Communities in a research report on Wednesday. They issued an “equal weight” rating and a $151.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $166.63.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $140.88 on Friday. The firm has a market capitalization of $17.53 billion, a PE ratio of 71.15, a PEG ratio of 2.86 and a beta of 0.70. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.89. Sun Communities, Inc. has a 1-year low of $117.63 and a 1-year high of $193.67. The business’s 50 day moving average is $146.52 and its 200-day moving average is $141.85.

Sun Communities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Friday, March 31st will be given a $0.93 dividend. This is a boost from Sun Communities’s previous quarterly dividend of $0.88. This represents a $3.72 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Thursday, March 30th. Sun Communities’s dividend payout ratio (DPR) is 187.88%.

About Sun Communities

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Sun Communities, Inc provides real estate management services. The firm operates through the following segments: Manufactured Home Communities, Recreational Vehicle, and Marina. The Manufactured Home Communities segment owns, operates, and develops manufactured housing communities and is in the business of acquiring, operating, and developing ground up communities to provide housing solutions.

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Institutional Ownership by Quarter for Sun Communities (NYSE:SUI)

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