Sun Communities, Inc. (NYSE:SUI) Shares Bought by National Bank of Canada FI

National Bank of Canada FI raised its position in Sun Communities, Inc. (NYSE:SUI) by 499.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 157,977 shares of the real estate investment trust’s stock after acquiring an additional 131,641 shares during the period. National Bank of Canada FI owned approximately 0.13% of Sun Communities worth $18,562,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Evoke Wealth LLC acquired a new stake in shares of Sun Communities in the 4th quarter worth $5,594,000. Clearbridge Investments LLC lifted its stake in shares of Sun Communities by 12.3% in the fourth quarter. Clearbridge Investments LLC now owns 304,180 shares of the real estate investment trust’s stock valued at $40,654,000 after purchasing an additional 33,382 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Sun Communities by 5.3% in the fourth 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 purchasing an additional 33,795 shares during the period. Strs Ohio lifted its stake in shares of Sun Communities by 8.6% in the fourth 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. Finally, Centersquare Investment Management LLC lifted its stake in shares of Sun Communities by 4.7% in 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 purchasing an additional 96,529 shares during the period. Institutional investors and hedge funds own 99.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank of Canada reduced their price objective on shares of Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. JMP Securities reiterated a “market outperform” rating and issued a $150.00 price objective on shares of Sun Communities in a research note on Thursday, May 2nd. Finally, Evercore ISI reduced their price objective on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $134.40.

Sun Communities Price Performance

NYSE:SUI traded down $1.16 during mid-day trading on Wednesday, hitting $122.37. 347,793 shares of the company’s stock traded hands, compared to its average volume of 749,074. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. The firm’s 50 day simple moving average is $119.43 and its 200 day simple moving average is $123.75. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $141.52. The company has a market cap of $15.25 billion, a PE ratio of 105.49, a price-to-earnings-growth ratio of 0.93 and a beta of 0.88.

Sun Communities Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a dividend of $0.94 per share. The ex-dividend date was Friday, June 28th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.07%. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

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.