Allspring Global Investments Holdings LLC Sells 34,261 Shares of Sun Communities, Inc. (NYSE:SUI)

Allspring Global Investments Holdings LLC trimmed its holdings in Sun Communities, Inc. (NYSE:SUI - Free Report) by 8.0% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 391,479 shares of the real estate investment trust's stock after selling 34,261 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.31% of Sun Communities worth $50,297,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Cohen & Steers Inc. grew its stake in shares of Sun Communities by 30.3% during the 4th quarter. Cohen & Steers Inc. now owns 16,373,446 shares of the real estate investment trust's stock valued at $2,013,414,000 after purchasing an additional 3,811,528 shares during the period. Dodge & Cox grew its stake in shares of Sun Communities by 61.1% during the 4th quarter. Dodge & Cox now owns 9,606,018 shares of the real estate investment trust's stock valued at $1,181,252,000 after purchasing an additional 3,644,853 shares during the period. FMR LLC grew its stake in shares of Sun Communities by 51.3% during the 4th quarter. FMR LLC now owns 7,917,870 shares of the real estate investment trust's stock valued at $973,660,000 after purchasing an additional 2,684,214 shares during the period. Norges Bank bought a new stake in shares of Sun Communities during the 4th quarter valued at about $888,783,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Sun Communities by 19.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,549,540 shares of the real estate investment trust's stock valued at $682,429,000 after purchasing an additional 911,857 shares during the period. 99.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Royal Bank Of Canada cut their price target on Sun Communities from $154.00 to $147.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Truist Financial set a $137.00 price objective on Sun Communities and gave the company a "buy" rating in a research report on Tuesday, June 3rd. JMP Securities reaffirmed a "market outperform" rating and set a $140.00 price objective on shares of Sun Communities in a research report on Tuesday, May 20th. Wall Street Zen cut Sun Communities from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Finally, Bank of America lifted their price objective on Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $138.08.

Sun Communities Stock Down 1.2%

NYSE SUI opened at $126.63 on Monday. The stock's 50 day moving average is $124.25 and its 200 day moving average is $125.44. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 1.01. Sun Communities, Inc. has a 12 month low of $109.22 and a 12 month high of $147.83. The stock has a market cap of $16.16 billion, a PE ratio of 204.25, a P/E/G ratio of 8.63 and a beta of 0.86.

Sun Communities (NYSE:SUI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.08. The business had revenue of $470.20 million for the quarter, compared to analysts' expectations of $538.63 million. Sun Communities had a return on equity of 1.41% and a net margin of 2.85%. The company's revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS. Research analysts predict that Sun Communities, Inc. will post 6.77 EPS for the current fiscal year.

Sun Communities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 3.29%. This is a boost from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date is Monday, June 30th. Sun Communities's dividend payout ratio is 606.45%.

Insider Transactions at Sun Communities

In related news, Director Jeff Blau bought 3,665 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were purchased at an average price of $117.99 per share, with a total value of $432,433.35. Following the transaction, the director now owns 3,665 shares in the company, valued at $432,433.35. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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.

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