Asset Management One Co. Ltd. Cuts Stake in Sun Communities, Inc. (NYSE:SUI)

Asset Management One Co. Ltd. lowered its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 4.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 222,595 shares of the real estate investment trust's stock after selling 10,342 shares during the period. Asset Management One Co. Ltd. owned 0.18% of Sun Communities worth $30,084,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Centersquare Investment Management LLC boosted its stake in shares of Sun Communities by 4.7% during 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 buying an additional 96,529 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted 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 valued at $18,414,000 after buying an additional 11,195 shares during the period. Manning & Napier Advisors LLC bought a new position in Sun Communities in the 2nd quarter valued at about $13,164,000. SG Americas Securities LLC grew its position in Sun Communities by 145.0% in 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 acquiring an additional 12,177 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Sun Communities during the first quarter worth $1,106,000. 99.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SUI has been the subject of a number of recent research reports. StockNews.com downgraded Sun Communities from a "hold" rating to a "sell" rating in a report on Friday, October 18th. 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 note on Thursday, September 19th. UBS Group raised shares of Sun Communities to a "strong-buy" rating in a research report on Thursday, October 10th. Evercore ISI upped their target price on shares of Sun Communities from $149.00 to $150.00 and gave the stock an "in-line" rating in a research note on Monday, October 21st. Finally, Royal Bank of Canada increased their price target on Sun Communities from $131.00 to $137.00 and gave the company an "outperform" rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $143.91.

Sun Communities Price Performance

NYSE:SUI traded up $2.92 during trading hours on Tuesday, hitting $133.20. 605,493 shares of the stock traded hands, compared to its average volume of 804,500. 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 1 year low of $110.98 and a 1 year high of $147.83. The stock has a 50 day moving average price of $135.73 and a 200 day moving average price of $126.74. The company has a market cap of $16.61 billion, a price-to-earnings ratio of 154.89, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.94 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.82%. Sun Communities's dividend payout ratio is currently 437.21%.

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.