New York State Common Retirement Fund Cuts Stake in Sun Communities, Inc. (NYSE:SUI)

New York State Common Retirement Fund cut its holdings in shares of Sun Communities, Inc. (NYSE:SUI - Free Report) by 11.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,172 shares of the real estate investment trust's stock after selling 12,223 shares during the quarter. New York State Common Retirement Fund owned about 0.08% of Sun Communities worth $12,720,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Sugarloaf Wealth Management LLC raised its position in Sun Communities by 9.2% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 927 shares of the real estate investment trust's stock valued at $124,000 after purchasing an additional 78 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Sun Communities by 1.9% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 6,002 shares of the real estate investment trust's stock valued at $710,000 after acquiring an additional 112 shares during the last quarter. Lindbrook Capital LLC raised its position 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 valued at $27,000 after acquiring an additional 125 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in Sun Communities by 3.1% in the third quarter. CIBC Asset Management Inc now owns 4,306 shares of the real estate investment trust's stock worth $510,000 after purchasing an additional 130 shares during the period. Finally, Portside Wealth Group LLC increased its stake in Sun Communities by 6.4% during the third quarter. Portside Wealth Group LLC now owns 2,239 shares of the real estate investment trust's stock valued at $263,000 after purchasing an additional 134 shares during the last quarter. 99.59% of the stock is owned by institutional investors and hedge funds.

Sun Communities Price Performance

Shares of SUI stock traded up $1.42 during mid-day trading on Wednesday, hitting $112.74. 1,531,868 shares of the stock traded hands, compared to its average volume of 817,038. Sun Communities, Inc. has a twelve month low of $102.74 and a twelve month high of $141.52. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.66 and a current ratio of 1.66. The company's 50-day simple moving average is $126.52 and its 200-day simple moving average is $125.52. The firm has a market cap of $14.05 billion, a price-to-earnings ratio of 98.27, a price-to-earnings-growth ratio of 1.08 and a beta of 0.80.

Sun Communities Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.76 annualized dividend and a dividend yield of 3.34%. This is a boost from Sun Communities's previous quarterly dividend of $0.93. Sun Communities's payout ratio is currently 324.14%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada lowered their price objective on shares of Sun Communities from $142.00 to $130.00 and set an "outperform" rating for the company in a research report on Wednesday. JMP Securities reissued a "market outperform" rating and set a $150.00 target price on shares of Sun Communities in a research note on Tuesday, April 23rd. BMO Capital Markets dropped their price target on shares of Sun Communities from $143.00 to $140.00 and set an "outperform" rating on the stock in a research note on Monday, January 22nd. Compass Point lifted their price target on Sun Communities from $116.00 to $125.00 and gave the company a "neutral" rating in a report on Thursday, March 21st. Finally, Evercore ISI decreased their price objective on Sun Communities from $145.00 to $128.00 and set an "outperform" rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $138.92.

Insider Activity at Sun Communities

In related news, Director Craig Leupold sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $128.39, for a total transaction of $320,975.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the 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 SEC, which is available through this hyperlink. Also, Director Clunet R. Lewis sold 500 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $131.13, for a total value of $65,565.00. Following the sale, the director now owns 28,400 shares of the company's stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock valued at $912,460 over the last ninety days. 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.