abrdn plc Acquires 3,886 Shares of Sun Communities, Inc. (NYSE:SUI)

abrdn plc grew its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,674 shares of the real estate investment trust's stock after purchasing an additional 3,886 shares during the quarter. abrdn plc owned about 0.05% of Sun Communities worth $8,470,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SUI. Price T Rowe Associates Inc. MD lifted its holdings in 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 buying an additional 1,105,306 shares during the period. PGGM Investments boosted its position 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 purchasing an additional 767,126 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Sun Communities by 24.0% during the second 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 in the last quarter. Hsbc Holdings PLC grew its stake in Sun Communities by 199.1% in the second quarter. Hsbc Holdings PLC now owns 358,284 shares of the real estate investment trust's stock worth $42,754,000 after purchasing an additional 238,498 shares during the period. Finally, National Bank of Canada FI raised its holdings 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 purchasing an additional 131,641 shares in the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SUI has been the topic of a number of research reports. StockNews.com cut shares of Sun Communities from a "hold" rating to a "sell" rating in a report on Friday, October 18th. Truist Financial raised their target price 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. Royal Bank of Canada boosted their price target 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 raised their price objective on Sun Communities from $123.00 to $154.00 and gave the company an "equal weight" rating in a research report on Thursday, September 19th. Finally, Jefferies Financial Group initiated coverage on Sun Communities in a report on Thursday, October 17th. They issued a "buy" rating and a $160.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $143.91.

Sun Communities Stock Performance

NYSE:SUI traded down $2.37 during mid-day trading on Friday, reaching $130.31. The company's stock had a trading volume of 722,524 shares, compared to its average volume of 1,013,091. The firm's fifty day moving average price is $135.78 and its two-hundred day moving average price is $126.55. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.09. The stock has a market cap of $16.25 billion, a P/E ratio of 151.53, a PEG ratio of 0.97 and a beta of 0.91. Sun Communities, Inc. has a 12-month low of $110.98 and a 12-month high of $147.83.

Sun Communities Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.89%. The ex-dividend date was Monday, September 30th. Sun Communities's dividend payout ratio is currently 437.21%.

Insiders Place Their Bets

In other 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 transaction, the chief executive officer now directly owns 63,462 shares in the company, valued at $8,340,810.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.89% of the stock is currently owned by 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.