CIBC Asset Management Inc Purchases 606 Shares of Sun Communities, Inc. (NYSE:SUI)

CIBC Asset Management Inc boosted its position in shares of Sun Communities, Inc. (NYSE:SUI) by 13.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,007 shares of the real estate investment trust’s stock after acquiring an additional 606 shares during the period. CIBC Asset Management Inc’s holdings in Sun Communities were worth $616,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings in Sun Communities by 2,111.1% during the third quarter. Assetmark Inc. now owns 199 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 190 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Sun Communities during the third quarter valued at approximately $41,000. CKW Financial Group boosted its holdings in Sun Communities by 45.0% during the fourth quarter. CKW Financial Group now owns 435 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 135 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Sun Communities during the third quarter valued at approximately $60,000. Finally, Farther Finance Advisors LLC boosted its holdings in Sun Communities by 89.1% during the third quarter. Farther Finance Advisors LLC now owns 501 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 236 shares in the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Stock Down 0.7 %

NYSE:SUI opened at $125.84 on Friday. The stock’s fifty day moving average price is $124.56 and its two-hundred day moving average price is $129.46. Sun Communities, Inc. has a 52-week low of $110.98 and a 52-week high of $147.83. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.61 and a current ratio of 1.61. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 67.66 and a beta of 0.90.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Tuesday, December 31st. Sun Communities’s dividend payout ratio is 202.15%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SUI. Bank of America downgraded Sun Communities from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $147.00 to $114.00 in a report on Tuesday, November 12th. StockNews.com downgraded Sun Communities from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Royal Bank of Canada reduced their target price on Sun Communities from $147.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, November 7th. Wells Fargo & Company reduced their target price on Sun Communities from $154.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 11th. Finally, Robert W. Baird downgraded Sun Communities from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $145.00 to $126.00 in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $134.55.

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.