Congress Asset Management Co. MA Sells 593,099 Shares of Sun Communities, Inc. (NYSE:SUI)

Congress Asset Management Co. MA cut its holdings in Sun Communities, Inc. (NYSE:SUI) by 99.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,588 shares of the real estate investment trust’s stock after selling 593,099 shares during the period. Congress Asset Management Co. MA’s holdings in Sun Communities were worth $461,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in SUI. Norges Bank bought a new position in shares of Sun Communities in the fourth quarter worth about $576,397,000. JPMorgan Chase & Co. increased its stake in shares of Sun Communities by 18.8% in 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 purchasing an additional 1,040,076 shares during the period. Resolution Capital Ltd bought a new position in shares of Sun Communities in the third quarter worth about $104,406,000. Russell Investments Group Ltd. increased its stake in shares of Sun Communities by 75.3% in the fourth quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock worth $177,638,000 after purchasing an additional 570,329 shares during the period. Finally, Rush Island Management LP bought a new position in shares of Sun Communities in the third quarter worth about $65,134,000. 99.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Craig Leupold sold 2,500 shares of the stock in a transaction that occurred on 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 SEC, which is available through the SEC website. 1.89% of the stock is owned by corporate insiders.

Sun Communities Stock Performance

NYSE SUI opened at $117.52 on Friday. Sun Communities, Inc. has a 1-year low of $102.74 and a 1-year high of $141.52. The company has a 50 day moving average of $117.64 and a 200-day moving average of $125.52. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. The firm has a market cap of $14.65 billion, a price-to-earnings ratio of 101.31, a PEG ratio of 1.02 and a beta of 0.87.

Sun Communities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.94 per share. The ex-dividend date is Friday, June 28th. This represents a $3.76 dividend on an annualized basis and a yield of 3.20%. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Analysts Set New Price Targets

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

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.