Skandinaviska Enskilda Banken AB publ Purchases 400 Shares of Sun Communities, Inc. (NYSE:SUI)

Skandinaviska Enskilda Banken AB publ increased its position in shares of Sun Communities, Inc. (NYSE:SUI) by 1.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 23,362 shares of the real estate investment trust’s stock after purchasing an additional 400 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Sun Communities were worth $2,811,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SUI. Intech Investment Management LLC grew its holdings in Sun Communities by 30.5% during the 2nd quarter. Intech Investment Management LLC now owns 8,819 shares of the real estate investment trust’s stock worth $1,061,000 after acquiring an additional 2,062 shares in the last quarter. MQS Management LLC bought a new position in shares of Sun Communities during the second quarter valued at approximately $345,000. Hsbc Holdings PLC boosted its stake 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 purchasing an additional 238,498 shares in the last quarter. Elo Mutual Pension Insurance Co increased its holdings in Sun Communities by 8.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 12,339 shares of the real estate investment trust’s stock valued at $1,485,000 after buying an additional 968 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Sun Communities by 1.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,034 shares of the real estate investment trust’s stock worth $846,000 after buying an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Insider Activity

In related news, CEO Baxter Underwood sold 3,000 shares of the firm’s 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 transaction, 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 accessible through this hyperlink. Corporate insiders own 1.89% of the company’s stock.

Sun Communities Stock Performance

Shares of Sun Communities stock opened at $140.26 on Tuesday. The firm has a market capitalization of $17.48 billion, a P/E ratio of 120.91, a PEG ratio of 1.07 and a beta of 0.91. Sun Communities, Inc. has a 52 week low of $102.74 and a 52 week high of $147.83. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average price of $133.38 and a 200 day moving average price of $125.26.

Sun Communities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid 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 2.68%. Sun Communities’s payout ratio is currently 324.14%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Evercore ISI downgraded Sun Communities from an “outperform” rating to an “inline” rating and lifted their price target for the company from $144.00 to $149.00 in a report on Monday, September 16th. 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. Wells Fargo & Company increased their price target 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. StockNews.com downgraded shares of Sun Communities from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, Robert W. Baird increased their target price on shares of Sun Communities from $144.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Sun Communities presently has a consensus rating of “Hold” and an average target price of $140.91.

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.