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

Allspring Global Investments Holdings LLC decreased its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its stake in Sun Communities by 45.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 124 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of Sun Communities by 4.4% during the fourth quarter. Mutual of America Capital Management LLC now owns 18,451 shares of the real estate investment trust's stock valued at $2,269,000 after buying an additional 772 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Sun Communities by 1.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,162 shares of the real estate investment trust's stock valued at $1,693,000 after buying an additional 184 shares during the last quarter. LPL Financial LLC increased its position in shares of Sun Communities by 22.3% during the fourth quarter. LPL Financial LLC now owns 25,560 shares of the real estate investment trust's stock worth $3,143,000 after acquiring an additional 4,665 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in shares of Sun Communities in the 4th quarter worth about $716,000. Institutional investors own 99.59% of the company's stock.

Insider Transactions at Sun Communities

In other news, Director Jeff Blau bought 3,665 shares of the stock in a transaction on Friday, May 23rd. The shares were purchased at an average cost of $117.99 per share, for a total transaction of $432,433.35. Following the completion of the purchase, the director directly owned 3,665 shares in the company, valued at $432,433.35. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.77% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SUI shares. Deutsche Bank Aktiengesellschaft set a $135.00 price target on Sun Communities and gave the company a "hold" rating in a research note on Wednesday, June 25th. Royal Bank Of Canada cut their target price on Sun Communities from $154.00 to $147.00 and set an "outperform" rating on the stock in a research report 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 note on Tuesday, June 3rd. Barclays began coverage on shares of Sun Communities in a research note on Thursday, May 29th. They issued an "overweight" rating and a $141.00 target price for the company. Finally, Bank of America increased their target price on shares of Sun Communities from $124.00 to $132.00 and gave the company an "underperform" rating in a report on Monday, May 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, Sun Communities currently has an average rating of "Hold" and an average target price of $138.08.

Sun Communities Stock Performance

Shares of NYSE:SUI traded up $0.76 during midday trading on Thursday, reaching $129.26. The company had a trading volume of 389,657 shares, compared to its average volume of 851,600. The stock has a market cap of $16.50 billion, a P/E ratio of 208.48, a P/E/G ratio of 8.70 and a beta of 0.86. The company's 50 day moving average price is $124.62 and its 200 day moving average price is $125.50. 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 52-week low of $109.22 and a 52-week high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last released its earnings results on Monday, May 5th. The real estate investment trust reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.08. Sun Communities had a net margin of 2.85% and a return on equity of 1.41%. The firm had revenue of $470.20 million for the quarter, compared to analysts' expectations of $538.63 million. During the same period in the previous year, the company earned $1.19 earnings per share. The company's quarterly revenue was up .2% on a year-over-year basis. As a group, sell-side analysts anticipate 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. Shareholders 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 yield of 3.22%. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, June 30th. Sun Communities's dividend payout ratio is 670.97%.

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.