Forsta AP Fonden Increases Position in Sun Communities, Inc. (NYSE:SUI)

Forsta AP Fonden boosted its position in Sun Communities, Inc. (NYSE:SUI) by 29.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,600 shares of the real estate investment trust’s stock after buying an additional 4,200 shares during the quarter. Forsta AP Fonden’s holdings in Sun Communities were worth $2,514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Sun Communities by 50.3% in 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 purchasing an additional 1,105,306 shares during the last quarter. PGGM Investments increased its stake 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 valued at $150,033,000 after buying an additional 767,126 shares during the period. Daiwa Securities Group Inc. increased its position in Sun Communities by 24.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,195,884 shares of the real estate investment trust’s stock valued at $264,253,000 after purchasing an additional 424,842 shares during the period. Hsbc Holdings PLC increased its position in shares of Sun Communities by 199.1% during the second quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust’s stock valued at $42,754,000 after buying an additional 238,498 shares during the period. Finally, National Bank of Canada FI raised its stake in Sun Communities by 499.9% in the first quarter. National Bank of Canada FI now owns 157,977 shares of the real estate investment trust’s stock worth $18,562,000 after buying an additional 131,641 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Price Performance

Shares of NYSE:SUI opened at $132.89 on Thursday. The business has a 50-day simple moving average of $135.83 and a two-hundred day simple moving average of $126.32. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market cap of $16.57 billion, a price-to-earnings ratio of 114.56, a price-to-earnings-growth ratio of 0.98 and a beta of 0.91. Sun Communities, Inc. has a fifty-two week low of $108.87 and a fifty-two week high of $147.83.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.76 annualized dividend and a dividend yield of 2.83%. Sun Communities’s payout ratio is 324.14%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SUI. Jefferies Financial Group initiated coverage on Sun Communities in a report on Thursday, October 17th. They set a “buy” rating and a $160.00 target price on the stock. Wells Fargo & Company upped their price target on Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Royal Bank of Canada raised their price objective on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. StockNews.com cut Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Finally, UBS Group raised Sun Communities to a “strong-buy” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Sun Communities has a consensus rating of “Moderate Buy” and a consensus price target of $143.91.

Insider Transactions at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the stock in a transaction dated Monday, August 5th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.89% of the company’s stock.

About Sun Communities

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.