Sun Communities, Inc. (NYSE:SUI) Stock Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 437,869 shares of the real estate investment trust's stock after selling 11,495 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.35% of Sun Communities worth $59,178,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SUI. Centersquare Investment Management LLC raised its position in 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 purchasing an additional 96,529 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Sun Communities by 8.5% during the 1st 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 buying an additional 11,195 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Sun Communities in the second quarter valued at $13,164,000. SG Americas Securities LLC lifted its holdings in shares of Sun Communities by 145.0% in the 1st 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 during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Sun Communities in the 1st quarter valued at about $1,106,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Up 1.0 %

Shares of NYSE:SUI traded up $1.37 during trading on Tuesday, hitting $135.33. The company's stock had a trading volume of 979,527 shares, compared to its average volume of 801,556. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $147.83. The stock's 50-day moving average price is $135.39 and its two-hundred day moving average price is $125.82. 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 company has a market capitalization of $16.87 billion, a PE ratio of 115.49, a PEG ratio of 1.00 and a beta of 0.91.

Sun Communities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Monday, September 30th. Sun Communities's dividend payout ratio is presently 324.14%.

Wall Street Analyst Weigh In

SUI has been the subject of several research analyst reports. UBS Group raised Sun Communities to a "strong-buy" rating in a report on Thursday, October 10th. Truist Financial boosted their price objective on shares of Sun Communities from $127.00 to $138.00 and gave the company a "hold" rating in a research note on Tuesday, August 13th. Jefferies Financial Group began coverage on shares of Sun Communities in a report on Thursday, October 17th. They issued a "buy" rating and a $160.00 price target for the company. Robert W. Baird upped their target price on shares of Sun Communities from $144.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 3rd. Finally, Evercore ISI lifted their price target on shares of Sun Communities from $149.00 to $150.00 and gave the company an "in-line" rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $143.91.

Insiders Place Their Bets

In other 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 directly 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.89% of the stock is currently owned by corporate insiders.

Sun Communities 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.