Principal Financial Group Inc. Trims Position in Sun Communities, Inc. (NYSE:SUI)

Principal Financial Group Inc. lessened its position in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 7.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 139,609 shares of the real estate investment trust's stock after selling 11,625 shares during the quarter. Principal Financial Group Inc. owned about 0.11% of Sun Communities worth $17,959,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its holdings in shares of Sun Communities by 51.9% in the 4th quarter. Jones Financial Companies Lllp now owns 1,841 shares of the real estate investment trust's stock valued at $226,000 after acquiring an additional 629 shares during the period. Proficio Capital Partners LLC acquired a new position in Sun Communities in the fourth quarter valued at $5,913,000. Raymond James Financial Inc. purchased a new stake in shares of Sun Communities in the fourth quarter valued at about $16,051,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Sun Communities by 35.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 97,831 shares of the real estate investment trust's stock worth $12,030,000 after buying an additional 25,425 shares during the period. Finally, Wealthfront Advisers LLC boosted its stake in shares of Sun Communities by 712.9% during the fourth quarter. Wealthfront Advisers LLC now owns 72,254 shares of the real estate investment trust's stock worth $8,885,000 after buying an additional 63,366 shares during the period. Institutional investors and hedge funds own 99.59% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on SUI shares. Jefferies Financial Group began coverage on Sun Communities in a research note on Tuesday, April 8th. They set a "buy" rating and a $150.00 price objective for the company. Colliers Securities began coverage on Sun Communities in a report on Friday, June 13th. They set a "neutral" rating and a $130.00 price target for the company. Barclays assumed coverage on shares of Sun Communities in a research note on Thursday, May 29th. They issued an "overweight" rating and a $141.00 price objective on the stock. Truist Financial set a $137.00 target price on shares of Sun Communities and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Finally, Bank of America lifted 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 analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $138.08.

Insider Activity at Sun Communities

In related news, Director Jeff Blau acquired 3,665 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average price of $117.99 per share, for a total transaction of $432,433.35. Following the transaction, the director owned 3,665 shares in the company, valued at $432,433.35. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.77% of the stock is currently owned by insiders.

Sun Communities Price Performance

Shares of NYSE:SUI traded down $0.36 during trading on Friday, hitting $125.60. 1,450,955 shares of the stock were exchanged, compared to its average volume of 864,111. The company has a market cap of $16.03 billion, a PE ratio of 202.58, a P/E/G ratio of 8.68 and a beta of 0.86. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 1.01. The company has a fifty day moving average price of $125.04 and a two-hundred day moving average price of $125.74. Sun Communities, Inc. has a 12-month low of $109.22 and a 12-month high of $147.83.

Sun Communities (NYSE:SUI - Get Free Report) last announced its quarterly 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 return on equity of 1.41% and a net margin of 2.85%. The business had revenue of $470.20 million during the quarter, compared to analysts' expectations of $538.63 million. During the same quarter last year, the business posted $1.19 earnings per share. The business's revenue for the quarter was up .2% on a year-over-year basis. On average, analysts forecast that Sun Communities, Inc. will post 6.77 EPS for the current year.

Sun Communities Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $4.16 dividend on an annualized basis and a yield of 3.31%. This is a positive change from Sun Communities's previous quarterly dividend of $0.94. Sun Communities's dividend payout ratio is presently 670.97%.

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.