Royal London Asset Management Ltd. Sells 707 Shares of Sun Communities, Inc. (NYSE:SUI)

Royal London Asset Management Ltd. trimmed its holdings in Sun Communities, Inc. (NYSE:SUI) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,479 shares of the real estate investment trust’s stock after selling 707 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Sun Communities were worth $6,195,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SUI. Evoke Wealth LLC bought a new stake in shares of Sun Communities during the fourth quarter worth $5,594,000. Clearbridge Investments LLC grew its stake in shares of Sun Communities by 12.3% during the fourth quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock worth $40,654,000 after acquiring an additional 33,382 shares during the last quarter. Centersquare Investment Management LLC boosted its position in Sun Communities by 4.7% in the first quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock valued at $279,259,000 after buying an additional 96,529 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Sun Communities by 8.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,209 shares of the real estate investment trust’s stock valued at $18,414,000 after buying an additional 11,195 shares during the last quarter. Finally, APG Asset Management US Inc. lifted its holdings in Sun Communities by 10.0% in the fourth quarter. APG Asset Management US Inc. now owns 428,979 shares of the real estate investment trust’s stock valued at $57,333,000 after acquiring an additional 39,028 shares during the period. 99.59% of the stock is currently owned by institutional investors.

Insider Activity at Sun Communities

In related news, CEO Baxter Underwood sold 3,000 shares of Sun Communities stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $131.43, for a total value of $394,290.00. Following the transaction, the chief executive officer now directly owns 63,462 shares of the company’s stock, valued at $8,340,810.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.89% of the stock is currently owned by insiders.

Sun Communities Stock Up 2.1 %

Shares of SUI opened at $147.59 on Friday. Sun Communities, Inc. has a 12 month low of $102.74 and a 12 month high of $147.83. The firm’s 50 day moving average is $130.69 and its 200-day moving average is $124.89. The stock has a market capitalization of $18.39 billion, a PE ratio of 127.23, a P/E/G ratio of 1.04 and a beta of 0.91. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09.

Sun Communities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.55%. Sun Communities’s dividend payout ratio is presently 324.14%.

Analysts Set New Price Targets

Several brokerages recently commented on SUI. Evercore ISI boosted their price target on Sun Communities from $143.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Truist Financial raised their price target on Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Royal Bank of Canada lifted their target price on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird raised their price target on Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $137.64.

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.