National Bank of Canada FI Sells 157,395 Shares of Sun Communities, Inc. (NYSE:SUI)

National Bank of Canada FI lessened its position in shares of Sun Communities, Inc. (NYSE:SUI) by 99.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 582 shares of the real estate investment trust’s stock after selling 157,395 shares during the quarter. National Bank of Canada FI’s holdings in Sun Communities were worth $69,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Sun Communities in the fourth quarter valued at approximately $576,397,000. Price T Rowe Associates Inc. MD raised its holdings in Sun Communities by 50.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,302,804 shares of the real estate investment trust’s stock worth $424,677,000 after buying an additional 1,105,306 shares during the last quarter. Centersquare Investment Management LLC lifted its stake in shares of 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 in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Sun Communities by 5.5% during the first quarter. Canada Pension Plan Investment Board now owns 1,422,792 shares of the real estate investment trust’s stock valued at $182,943,000 after buying an additional 74,310 shares during the last quarter. Finally, PGGM Investments increased its position in shares of Sun Communities by 159.9% during the second quarter. PGGM Investments now owns 1,246,739 shares of the real estate investment trust’s stock worth $150,033,000 after acquiring an additional 767,126 shares in the last quarter. 99.59% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction 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 owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.89% of the company’s stock.

Wall Street Analyst Weigh In

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

Sun Communities Stock Up 2.1 %

Shares of NYSE SUI opened at $147.58 on Friday. The business has a 50-day simple moving average of $130.69 and a two-hundred day simple moving average of $124.85. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $147.83. The company has a market cap of $18.39 billion, a P/E ratio of 127.22, a P/E/G ratio of 1.04 and a beta of 0.91. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09.

Sun Communities Announces Dividend

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

Sun Communities Company 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.