PGGM Investments Cuts Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

PGGM Investments decreased its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 15.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 933,723 shares of the real estate investment trust's stock after selling 165,499 shares during the period. Sun Communities accounts for 1.9% of PGGM Investments' investment portfolio, making the stock its 12th biggest holding. PGGM Investments owned 0.75% of Sun Communities worth $124,792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lindbrook Capital LLC increased its stake in shares of Sun Communities by 120.2% during the 3rd quarter. Lindbrook Capital LLC now owns 229 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 125 shares during the last quarter. Spire Wealth Management increased its stake in shares of Sun Communities by 102.2% during the 3rd quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust's stock worth $55,000 after purchasing an additional 235 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of Sun Communities during the 4th quarter worth approximately $80,000. Tobam increased its stake in shares of Sun Communities by 64.0% during the 4th quarter. Tobam now owns 743 shares of the real estate investment trust's stock worth $99,000 after purchasing an additional 290 shares during the last quarter. Finally, Sugarloaf Wealth Management LLC increased its stake in shares of Sun Communities by 33.9% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 849 shares of the real estate investment trust's stock worth $100,000 after purchasing an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 99.59% of the company's stock.

Sun Communities Price Performance

NYSE:SUI traded up $0.16 during trading hours on Friday, hitting $119.08. The stock had a trading volume of 394,605 shares, compared to its average volume of 518,050. The company has a 50 day simple moving average of $127.11 and a two-hundred day simple moving average of $125.26. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.66 and a quick ratio of 1.66. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $141.52. The firm has a market capitalization of $14.84 billion, a price-to-earnings ratio of 104.46, a P/E/G ratio of 1.06 and a beta of 0.80.

Sun Communities Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were issued a dividend of $0.94 per share. This is an increase from Sun Communities's previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Wednesday, March 27th. Sun Communities's payout ratio is currently 329.83%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SUI shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Sun Communities in a research note on Tuesday, January 30th. They issued a "hold" rating and a $129.00 price objective for the company. Truist Financial reduced their price objective on shares of Sun Communities from $143.00 to $136.00 and set a "hold" rating for the company in a research note on Monday, March 18th. Barclays reduced their price objective on shares of Sun Communities from $157.00 to $155.00 and set an "overweight" rating for the company in a research note on Friday, January 26th. BMO Capital Markets reduced their price objective on shares of Sun Communities from $143.00 to $140.00 and set an "outperform" rating for the company in a research note on Monday, January 22nd. Finally, Compass Point lifted their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the company a "neutral" rating in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Sun Communities presently has an average rating of "Hold" and an average price target of $141.17.

Insider Transactions at Sun Communities

In other news, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total transaction of $525,920.00. Following the completion of the sale, the chief executive officer now directly owns 66,852 shares of the company's stock, valued at approximately $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Craig Leupold sold 2,500 shares of Sun Communities stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Baxter Underwood sold 4,000 shares of Sun Communities stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total transaction of $525,920.00. Following the sale, the chief executive officer now directly owns 66,852 shares of the company's stock, valued at $8,789,700.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,000 shares of company stock valued at $912,460. Insiders own 1.89% of the company's stock.

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.