Principal Financial Group Inc. Trims Stake in Sun Communities, Inc. (NYSE:SUI)

Principal Financial Group Inc. cut its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 28.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,489,203 shares of the real estate investment trust's stock after selling 1,003,445 shares during the quarter. Principal Financial Group Inc. owned approximately 2.00% of Sun Communities worth $336,411,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Harvest Portfolios Group Inc. lifted its stake in Sun Communities by 16.5% during the third quarter. Harvest Portfolios Group Inc. now owns 32,806 shares of the real estate investment trust's stock worth $4,434,000 after purchasing an additional 4,639 shares during the last quarter. Global Wealth Management Investment Advisory Inc. grew its position in shares of Sun Communities by 12.3% in the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 4,189 shares of the real estate investment trust's stock valued at $566,000 after buying an additional 458 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Sun Communities by 10.8% in the 3rd quarter. Van ECK Associates Corp now owns 56,904 shares of the real estate investment trust's stock valued at $7,913,000 after buying an additional 5,547 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Sun Communities by 89.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust's stock worth $68,000 after acquiring an additional 236 shares in the last quarter. Finally, First Trust Direct Indexing L.P. purchased a new stake in Sun Communities in the third quarter valued at $235,000. Institutional investors and hedge funds own 99.59% of the company's stock.

Wall Street Analysts Forecast Growth

SUI has been the topic of several research reports. Evercore ISI raised their price objective on Sun Communities from $149.00 to $150.00 and gave the stock an "in-line" rating in a report on Monday, October 21st. Royal Bank of Canada cut their target price on shares of Sun Communities from $147.00 to $135.00 and set an "outperform" rating on the stock in a report on Thursday. Truist Financial increased their price target on shares of Sun Communities from $127.00 to $138.00 and gave the stock a "hold" rating in a research note on Tuesday, August 13th. Jefferies Financial Group started coverage on shares of Sun Communities in a research note on Thursday, October 17th. They issued a "buy" rating and a $160.00 price objective on the stock. Finally, Baird R W downgraded Sun Communities from a "strong-buy" rating to a "hold" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $141.82.

Sun Communities Price Performance

Shares of SUI traded up $2.02 on Friday, reaching $125.24. The stock had a trading volume of 759,374 shares, compared to its average volume of 825,252. Sun Communities, Inc. has a twelve month low of $110.98 and a twelve month high of $147.83. The firm has a market capitalization of $15.61 billion, a PE ratio of 67.37, a PEG ratio of 0.96 and a beta of 0.91. The firm has a 50-day moving average of $135.52 and a 200 day moving average of $126.75. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities's dividend payout ratio is currently 202.15%.

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.