Zurcher Kantonalbank Zurich Cantonalbank Purchases 25,363 Shares of Sun Communities, Inc. (NYSE:SUI)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sun Communities, Inc. (NYSE:SUI) by 39.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,292 shares of the real estate investment trust’s stock after purchasing an additional 25,363 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Sun Communities worth $12,068,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Strs Ohio raised its position in shares of Sun Communities by 8.6% during the 4th quarter. Strs Ohio now owns 301,096 shares of the real estate investment trust’s stock valued at $40,241,000 after purchasing an additional 23,792 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Sun Communities by 5.3% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 673,215 shares of the real estate investment trust’s stock valued at $89,975,000 after acquiring an additional 33,795 shares during the last quarter. Stratos Wealth Partners LTD. increased its holdings in Sun Communities by 9.2% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 1,846 shares of the real estate investment trust’s stock valued at $219,000 after acquiring an additional 155 shares during the last quarter. DNB Asset Management AS increased its holdings in Sun Communities by 5.6% in the 4th quarter. DNB Asset Management AS now owns 17,647 shares of the real estate investment trust’s stock valued at $2,359,000 after acquiring an additional 932 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in Sun Communities by 0.7% in the 4th quarter. Arizona State Retirement System now owns 34,195 shares of the real estate investment trust’s stock valued at $4,570,000 after acquiring an additional 253 shares during the last quarter. 99.59% of the stock is currently owned by institutional investors.

Sun Communities Trading Down 0.2 %

NYSE:SUI opened at $117.69 on Friday. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $141.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $14.67 billion, a P/E ratio of 103.24, a P/E/G ratio of 7.55 and a beta of 0.80. The firm has a 50-day simple moving average of $127.89 and a 200-day simple moving average of $125.05.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. Sun Communities’s payout ratio is 329.83%.

Insider Buying and Selling

In related news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the transaction, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Clunet R. Lewis sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the transaction, the director now owns 28,400 shares in the company, valued at approximately $3,724,092. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Baxter Underwood sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the transaction, the chief executive officer now owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock worth $912,460 in the last 90 days. 1.89% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on SUI shares. BMO Capital Markets reduced their price target on shares of Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a report on Monday, January 22nd. Deutsche Bank Aktiengesellschaft started coverage on shares of Sun Communities in a report on Tuesday, January 30th. They issued a “hold” rating and a $129.00 price target on the stock. JMP Securities reiterated a “market outperform” rating and issued a $150.00 price target on shares of Sun Communities in a report on Wednesday, March 20th. Compass Point lifted their price target on shares of Sun Communities from $116.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, March 21st. Finally, Truist Financial dropped their price objective on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating for the company in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $141.17.

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.