Sun Communities, Inc. (NYSE:SUI) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp grew its stake in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 10.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,904 shares of the real estate investment trust's stock after buying an additional 5,547 shares during the period. Van ECK Associates Corp's holdings in Sun Communities were worth $7,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Centersquare Investment Management LLC lifted its position in shares of Sun Communities by 4.7% during 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 buying an additional 96,529 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position 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 last quarter. Manning & Napier Advisors LLC purchased a new position in Sun Communities in the 2nd quarter worth approximately $13,164,000. SG Americas Securities LLC boosted its stake in Sun Communities by 145.0% during the first quarter. SG Americas Securities LLC now owns 20,576 shares of the real estate investment trust's stock worth $2,646,000 after buying an additional 12,177 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Sun Communities during the 1st quarter valued at about $1,106,000. Institutional investors own 99.59% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on SUI. Royal Bank of Canada reduced their price target on Sun Communities from $147.00 to $135.00 and set an "outperform" rating on the stock in a research report on Thursday. UBS Group raised Sun Communities to a "strong-buy" rating in a research report on Thursday, October 10th. Wells Fargo & Company increased their price target on Sun Communities from $123.00 to $154.00 and gave the stock an "equal weight" rating in a report on Thursday, September 19th. BMO Capital Markets reduced their target price on shares of Sun Communities from $145.00 to $138.00 and set an "outperform" rating for the company in a research note on Thursday. Finally, Robert W. Baird lowered Sun Communities from an "outperform" rating to a "neutral" rating and lowered their price objective for the company from $145.00 to $126.00 in a report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Sun Communities currently has a consensus rating of "Hold" and a consensus price target of $141.82.

Sun Communities Stock Down 6.9 %

SUI traded down $9.09 during trading on Thursday, hitting $122.67. The company had a trading volume of 3,454,432 shares, compared to its average volume of 819,561. The business has a 50-day moving average of $135.71 and a 200-day moving average of $126.78. The company has a market cap of $15.29 billion, a PE ratio of 141.28, a P/E/G ratio of 0.95 and a beta of 0.91. Sun Communities, Inc. has a 1-year low of $110.98 and a 1-year high of $147.83. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42.

Sun Communities Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Monday, September 30th. Sun Communities's payout ratio is currently 437.21%.

About Sun Communities

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.