Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 6.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,782 shares of the real estate investment trust's stock after acquiring an additional 2,124 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Sun Communities were worth $4,277,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Sun Communities by 16.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 779,744 shares of the real estate investment trust's stock valued at $95,885,000 after acquiring an additional 108,054 shares during the period. RNC Capital Management LLC purchased a new position in shares of Sun Communities during the fourth quarter valued at about $203,000. Vanderbilt University purchased a new position in shares of Sun Communities during the fourth quarter valued at about $1,122,000. Choreo LLC increased its position in shares of Sun Communities by 37.1% during the fourth quarter. Choreo LLC now owns 5,741 shares of the real estate investment trust's stock valued at $705,000 after buying an additional 1,553 shares during the period. Finally, abrdn plc increased its position in shares of Sun Communities by 343.5% during the fourth quarter. abrdn plc now owns 277,988 shares of the real estate investment trust's stock valued at $34,098,000 after buying an additional 215,314 shares during the period. Hedge funds and other institutional investors own 99.59% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on SUI. UBS Group cut shares of Sun Communities from a "buy" rating to a "neutral" rating and reduced their price target for the company from $155.00 to $134.00 in a research report on Thursday, November 14th. Evercore ISI boosted 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, October 21st. StockNews.com cut shares of Sun Communities from a "hold" rating to a "sell" rating in a research report on Wednesday, November 20th. Royal Bank of Canada reduced their price target on shares of Sun Communities from $147.00 to $135.00 and set an "outperform" rating on the stock in a research report on Thursday, November 7th. Finally, Jefferies Financial Group reduced their price target on shares of Sun Communities from $145.00 to $142.00 and set a "buy" rating on the stock in a research report on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $134.55.

Sun Communities Stock Down 1.0 %

NYSE:SUI traded down $1.20 during mid-day trading on Wednesday, hitting $125.02. 525,743 shares of the company's stock were exchanged, compared to its average volume of 790,094. The business has a fifty day moving average price of $124.30 and a 200 day moving average price of $129.69. The company has a market cap of $15.93 billion, a PE ratio of 67.22 and a beta of 0.90. Sun Communities, Inc. has a one year low of $110.98 and a one year high of $147.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.61 and a quick ratio of 1.61.

Sun Communities Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.94 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.76 annualized dividend and a dividend yield of 3.01%. Sun Communities's dividend payout ratio is presently 202.15%.

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.