abrdn plc reduced its position in shares of Sun Communities, Inc. (NYSE:SUI – Free Report) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,299 shares of the real estate investment trust’s stock after selling 1,760 shares during the quarter. abrdn plc’s holdings in Sun Communities were worth $8,213,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Sun Communities by 11.7% in the first quarter. State Street Corp now owns 5,647,271 shares of the real estate investment trust’s stock valued at $994,744,000 after purchasing an additional 591,348 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Sun Communities by 3.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,378,211 shares of the real estate investment trust’s stock valued at $769,084,000 after purchasing an additional 160,880 shares during the last quarter. Norges Bank acquired a new position in shares of Sun Communities in the fourth quarter valued at $315,323,000. Daiwa Securities Group Inc. increased its holdings in shares of Sun Communities by 12.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,012,163 shares of the real estate investment trust’s stock valued at $287,739,000 after purchasing an additional 222,611 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Sun Communities by 9.5% in the fourth quarter. Geode Capital Management LLC now owns 1,999,470 shares of the real estate investment trust’s stock valued at $285,631,000 after purchasing an additional 174,087 shares during the last quarter. 96.23% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several research firms have commented on SUI. Truist Financial decreased their price objective on shares of Sun Communities from $163.00 to $157.00 in a report on Friday, June 9th. Wells Fargo & Company began coverage on shares of Sun Communities in a research note on Wednesday, March 29th. They issued an “equal weight” rating and a $151.00 price target on the stock. Robert W. Baird upped their price target on shares of Sun Communities from $160.00 to $168.00 in a research note on Thursday, May 18th. Royal Bank of Canada decreased their price target on shares of Sun Communities from $158.00 to $153.00 in a research note on Tuesday, May 30th. Finally, StockNews.com began coverage on shares of Sun Communities in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Sun Communities has an average rating of “Moderate Buy” and an average price target of $157.25.
Sun Communities Trading Up 1.1 %
Sun Communities (NYSE:SUI – Get Free Report) last announced its quarterly earnings data on Monday, April 24th. The real estate investment trust reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($1.42). The firm had revenue of $651.20 million for the quarter, compared to analyst estimates of $610.32 million. Sun Communities had a return on equity of 2.63% and a net margin of 6.87%. The company’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.34 earnings per share. On average, analysts forecast that Sun Communities, Inc. will post 7.34 earnings per share for the current fiscal year.
Sun Communities Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a $0.93 dividend. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.66%. Sun Communities’s dividend payout ratio (DPR) is currently 215.03%.
Insider Transactions at Sun Communities
In related news, CEO Baxter Underwood bought 400 shares of the company’s stock in a transaction dated Thursday, May 25th. The stock was purchased at an average price of $126.18 per share, with a total value of $50,472.00. Following the completion of the acquisition, the chief executive officer now owns 73,083 shares of the company’s stock, valued at $9,221,612.94. The purchase was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.06% of the company’s stock.
Sun Communities Profile
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 March 31, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 179,700 developed sites and approximately 47,990 wet slips and dry storage spaces in the U.S., the UK and Canada.
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