Perpetual Ltd Has $1.32 Million Position in Sun Communities, Inc. (NYSE:SUI)

Perpetual Ltd reduced its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 13.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,232 shares of the real estate investment trust’s stock after selling 1,580 shares during the quarter. Perpetual Ltd’s holdings in Sun Communities were worth $1,316,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in Sun Communities by 18.8% during the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after acquiring an additional 1,040,076 shares in the last quarter. Principal Financial Group Inc. raised its stake in Sun Communities by 1.0% during the fourth quarter. Principal Financial Group Inc. now owns 4,569,401 shares of the real estate investment trust’s stock worth $610,700,000 after acquiring an additional 45,700 shares in the last quarter. Norges Bank acquired a new position in Sun Communities during the fourth quarter worth $576,397,000. Daiwa Securities Group Inc. raised its stake in Sun Communities by 1.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,597,775 shares of the real estate investment trust’s stock worth $347,193,000 after acquiring an additional 31,831 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Sun Communities by 8.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,514,234 shares of the real estate investment trust’s stock worth $336,027,000 after acquiring an additional 201,325 shares in the last quarter. 99.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Transactions at Sun Communities

In other news, Director Craig Leupold sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.89% of the company’s stock.

Sun Communities Price Performance

Shares of SUI stock opened at $115.59 on Friday. The stock has a 50-day moving average price of $117.70 and a 200 day moving average price of $125.67. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 1.08. The firm has a market cap of $14.41 billion, a price-to-earnings ratio of 99.65, a PEG ratio of 1.02 and a beta of 0.87. 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 announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.76 annualized dividend and a dividend yield of 3.25%. Sun Communities’s payout ratio is currently 324.14%.

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 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.