Sun Communities, Inc. (NYSE:SUI) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System decreased its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 222,524 shares of the real estate investment trust's stock after selling 7,049 shares during the quarter. California Public Employees Retirement System owned approximately 0.18% of Sun Communities worth $29,740,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of Sun Communities by 18.8% during the third quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust's stock valued at $777,168,000 after acquiring an additional 1,040,076 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Sun Communities by 1.9% during the third quarter. Principal Financial Group Inc. now owns 4,523,701 shares of the real estate investment trust's stock valued at $535,331,000 after acquiring an additional 84,767 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Sun Communities by 1.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,597,775 shares of the real estate investment trust's stock valued at $347,193,000 after acquiring an additional 31,831 shares in the last quarter. FMR LLC increased its holdings in shares of Sun Communities by 10.9% during the third quarter. FMR LLC now owns 2,406,644 shares of the real estate investment trust's stock valued at $284,802,000 after acquiring an additional 236,771 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Sun Communities by 0.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,312,909 shares of the real estate investment trust's stock valued at $273,710,000 after acquiring an additional 16,368 shares in the last quarter. Institutional investors own 99.59% of the company's stock.

Sun Communities Stock Performance

Shares of NYSE:SUI traded up $0.16 during mid-day trading on Friday, reaching $119.08. 394,605 shares of the company traded hands, compared to its average volume of 518,050. The company's 50 day moving average price is $127.11 and its 200-day moving average price is $125.37. The firm has a market cap of $14.84 billion, a PE ratio of 104.46, a PEG ratio of 1.07 and a beta of 0.80. 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 52 week low of $102.74 and a 52 week high of $141.52.

Sun Communities Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SUI shares. Truist Financial reduced their price target on Sun Communities from $143.00 to $136.00 and set a "hold" rating for the company in a report on Monday, March 18th. JMP Securities reiterated a "market outperform" rating and issued a $150.00 price objective on shares of Sun Communities in a report on Tuesday, April 23rd. Barclays reduced their price objective on Sun Communities from $157.00 to $155.00 and set an "overweight" rating for the company in a report on Friday, January 26th. Compass Point lifted their price objective on Sun Communities from $116.00 to $125.00 and gave the stock a "neutral" rating in a report on Thursday, March 21st. Finally, BMO Capital Markets reduced their price objective on Sun Communities from $143.00 to $140.00 and set an "outperform" rating for the company in a report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $141.17.

Insider Buying and Selling

In related news, Director Craig Leupold sold 2,500 shares of the business's stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Craig Leupold sold 2,500 shares of the business's stock in a transaction that occurred on Thursday, March 28th. The stock was 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 SEC, which is accessible through this link. Also, CEO Baxter Underwood sold 4,000 shares of the business's stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $131.48, for a total value of $525,920.00. Following the transaction, the chief executive officer now directly owns 66,852 shares in the company, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,000 shares of company stock valued at $912,460. Corporate insiders own 1.89% of the company's stock.

About Sun Communities

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.