Sumitomo Mitsui Trust Holdings Inc. Sells 14,244 Shares of Sun Communities, Inc. (NYSE:SUI)

Posted by Defense World Staff on Apr 15th, 2023

Sumitomo Mitsui Trust Holdings Inc. lowered its position in Sun Communities, Inc. (NYSE:SUI – Get Rating) by 2.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 479,668 shares of the real estate investment trust’s stock after selling 14,244 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.39% of Sun Communities worth $68,593,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. MetLife Investment Management LLC bought a new position in shares of Sun Communities in the first quarter worth about $401,000. Yousif Capital Management LLC boosted its stake in Sun Communities by 12.2% in the 1st quarter. Yousif Capital Management LLC now owns 6,798 shares of the real estate investment trust’s stock worth $1,192,000 after purchasing an additional 739 shares during the period. Raymond James Trust N.A. boosted its stake in Sun Communities by 21.1% in the 1st quarter. Raymond James Trust N.A. now owns 1,190 shares of the real estate investment trust’s stock worth $208,000 after purchasing an additional 207 shares during the period. Prudential PLC bought a new stake in shares of Sun Communities during the first quarter valued at approximately $385,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Sun Communities by 1.9% in the first quarter. Cetera Investment Advisers now owns 3,453 shares of the real estate investment trust’s stock worth $605,000 after buying an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 93.31% of the company’s stock.

Sun Communities Stock Performance

NYSE SUI opened at $136.56 on Friday. The business’s 50 day moving average price is $143.83 and its 200-day moving average price is $141.29. Sun Communities, Inc. has a fifty-two week low of $117.63 and a fifty-two week high of $193.67. The company has a market cap of $16.99 billion, a P/E ratio of 68.97, a P/E/G ratio of 2.89 and a beta of 0.71. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.11 and a current ratio of 2.11.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Friday, March 31st will be given a dividend of $0.93 per share. This is a boost from Sun Communities’s previous quarterly dividend of $0.88. The ex-dividend date is Thursday, March 30th. This represents a $3.72 dividend on an annualized basis and a yield of 2.72%. Sun Communities’s payout ratio is 187.88%.

Analyst Ratings Changes

Several research firms recently weighed in on SUI. JMP Securities reaffirmed a “market outperform” rating and set a $160.00 target price on shares of Sun Communities in a research note on Wednesday, March 8th. Truist Financial reduced their target price on Sun Communities from $166.00 to $163.00 and set a “buy” rating on the stock in a report on Friday, March 31st. Barclays dropped their price target on Sun Communities from $185.00 to $168.00 and set an “overweight” rating for the company in a research note on Monday, April 10th. StockNews.com raised Sun Communities to a “sell” rating in a research note on Tuesday, March 21st. Finally, Wells Fargo & Company assumed coverage on Sun Communities in a research report on Wednesday, March 29th. They set an “equal weight” rating and a $151.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $164.50.

Insider Activity

In related news, Director Clunet R. Lewis sold 1,500 shares of Sun Communities 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 filing with the SEC, which is available through the SEC website. Insiders own 2.25% of the company’s stock.

Sun Communities Profile

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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.