Canada Pension Plan Investment Board Has $171.14 Million Holdings in Sun Communities, Inc. (NYSE:SUI)

Canada Pension Plan Investment Board decreased its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 0.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,422,166 shares of the real estate investment trust’s stock after selling 626 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Sun Communities were worth $171,143,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SUI. Farmers & Merchants Investments Inc. acquired a new stake in Sun Communities during the 1st quarter worth $26,000. V Square Quantitative Management LLC acquired a new position in shares of Sun Communities in the 4th quarter valued at $32,000. Quest Partners LLC grew its stake in shares of Sun Communities by 12,700.0% during the second quarter. Quest Partners LLC now owns 384 shares of the real estate investment trust’s stock worth $46,000 after purchasing an additional 381 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Sun Communities during the second quarter worth $62,000. Finally, Fidelis Capital Partners LLC bought a new stake in Sun Communities in the first quarter valued at about $83,000. 99.59% of the stock is owned by institutional investors.

Insider Activity at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.89% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Royal Bank of Canada boosted their target price on Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company boosted their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a report on Thursday. Robert W. Baird increased their target price on shares of Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. StockNews.com lowered shares of Sun Communities from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Finally, Evercore ISI downgraded Sun Communities from an “outperform” rating to an “inline” rating and raised their price objective for the stock from $144.00 to $149.00 in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Sun Communities has an average rating of “Hold” and a consensus target price of $140.91.

Sun Communities Price Performance

SUI stock opened at $140.62 on Friday. The stock has a 50-day moving average price of $133.07 and a two-hundred day moving average price of $125.29. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $147.83. The stock has a market cap of $17.53 billion, a PE ratio of 121.23, a price-to-earnings-growth ratio of 1.07 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 dividend on an annualized basis and a dividend yield of 2.67%. Sun Communities’s payout ratio is presently 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.