abrdn plc Grows Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

abrdn plc increased its stake in shares of Sun Communities, Inc. (NYSE:SUI) by 33.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 76,538 shares of the real estate investment trust’s stock after acquiring an additional 19,314 shares during the period. abrdn plc’s holdings in Sun Communities were worth $10,229,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SUI. PGGM Investments purchased a new stake in Sun Communities during the third quarter worth about $130,082,000. JPMorgan Chase & Co. boosted its holdings in Sun Communities by 18.8% during the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after buying an additional 1,040,076 shares in the last quarter. Resolution Capital Ltd purchased a new stake in Sun Communities during the third quarter worth about $104,406,000. Rush Island Management LP purchased a new stake in Sun Communities during the third quarter worth about $65,134,000. Finally, Ceredex Value Advisors LLC purchased a new stake in Sun Communities during the fourth quarter worth about $37,775,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on SUI. Truist Financial reduced their price target on shares of Sun Communities from $143.00 to $136.00 and set a “hold” rating on the stock in a report on Monday, March 18th. Deutsche Bank Aktiengesellschaft began 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. Compass Point upped 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. JMP Securities reaffirmed a “market outperform” rating and issued a $150.00 price target on shares of Sun Communities in a report on Tuesday. Finally, Barclays reduced their price target on shares of Sun Communities from $157.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $141.17.

Sun Communities Stock Performance

Shares of SUI opened at $118.92 on Friday. 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 company has a market capitalization of $14.82 billion, a price-to-earnings ratio of 104.32, a PEG ratio of 1.08 and a beta of 0.80. The company’s 50 day simple moving average is $127.32 and its 200 day simple moving average is $125.16. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.94 per share. This is a positive change from Sun Communities’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 annualized dividend and a yield of 3.16%. Sun Communities’s dividend payout ratio is 329.83%.

Insider Buying and Selling

In related news, Director Clunet R. Lewis sold 500 shares of the company’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 of the company’s stock, valued at $3,724,092. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Craig Leupold sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clunet R. Lewis sold 500 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total transaction of $65,565.00. Following the completion of the sale, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,000 shares of company stock valued at $912,460. Insiders own 1.89% of the company’s stock.

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.