APG Asset Management N.V. Purchases 9,000 Shares of Sun Communities, Inc. (NYSE:SUI)

APG Asset Management N.V. grew its position in Sun Communities, Inc. (NYSE:SUI) by 185.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 13,856 shares of the real estate investment trust’s stock after buying an additional 9,000 shares during the period. APG Asset Management N.V.’s holdings in Sun Communities were worth $1,556,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SUI. Centersquare Investment Management LLC raised its holdings in Sun Communities by 4.7% in the 1st quarter. Centersquare Investment Management LLC now owns 2,171,868 shares of the real estate investment trust’s stock worth $279,259,000 after acquiring an additional 96,529 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of 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 worth $18,414,000 after purchasing an additional 11,195 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Sun Communities in the second quarter worth $13,164,000. SG Americas Securities LLC lifted its holdings in shares of Sun Communities by 145.0% during the first quarter. SG Americas Securities LLC now owns 20,576 shares of the real estate investment trust’s stock valued at $2,646,000 after purchasing an additional 12,177 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Sun Communities during the first quarter valued at $1,106,000. Institutional investors own 99.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Royal Bank of Canada upped their target price 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. Wells Fargo & Company increased their price objective on shares of Sun Communities from $123.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Truist Financial lifted their target price on shares of Sun Communities from $127.00 to $138.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Evercore ISI lowered shares of Sun Communities from an “outperform” rating to an “inline” rating and boosted their target price for the company from $144.00 to $149.00 in a research note on Monday, September 16th. Finally, Robert W. Baird raised their price target on Sun Communities from $144.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $140.91.

Insider Activity at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total value of $394,290.00. Following the completion of the sale, the chief executive officer now owns 63,462 shares in the company, valued at approximately $8,340,810.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.89% of the stock is owned by corporate insiders.

Sun Communities Stock Performance

Shares of SUI opened at $135.15 on Tuesday. The business has a 50-day simple moving average of $134.35 and a two-hundred day simple moving average of $125.38. 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, Inc. has a 52 week low of $102.74 and a 52 week high of $147.83. The stock has a market cap of $16.84 billion, a price-to-earnings ratio of 116.51, a PEG ratio of 1.02 and a beta of 0.91.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given 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 2.78%. 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.