Principal Financial Group Inc. Has $610.70 Million Stock Holdings in Sun Communities, Inc. (NYSE:SUI)

Principal Financial Group Inc. raised its position in Sun Communities, Inc. (NYSE:SUI - Free Report) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,569,401 shares of the real estate investment trust's stock after buying an additional 45,700 shares during the quarter. Principal Financial Group Inc. owned 3.67% of Sun Communities worth $610,700,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Spire Wealth Management grew its holdings in Sun Communities by 102.2% in the 3rd quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust's stock valued at $55,000 after buying an additional 235 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Sun Communities during the 4th quarter valued at $80,000. Tobam lifted its position 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 valued at $99,000 after acquiring an additional 290 shares during the period. Sugarloaf Wealth Management LLC lifted its position 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 valued at $100,000 after acquiring an additional 215 shares during the period. Finally, Principal Securities Inc. bought a new stake in shares of Sun Communities during the 4th quarter valued at $172,000. 99.59% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Baxter Underwood sold 4,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 66,852 shares of the company's stock, valued at $8,789,700.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sun Communities news, CEO Baxter Underwood sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $131.48, for a total value of $525,920.00. Following the completion of the sale, the chief executive officer now owns 66,852 shares of the company's stock, valued at $8,789,700.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clunet R. Lewis sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $131.13, for a total value of $65,565.00. Following the completion of the sale, the director now directly owns 28,400 shares of the company's stock, valued at approximately $3,724,092. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,000 shares of company stock valued at $912,460. Company insiders own 1.89% of the company's stock.

Sun Communities Trading Up 0.2 %

Shares of SUI stock traded up $0.26 on Monday, hitting $117.76. The company had a trading volume of 688,850 shares, compared to its average volume of 814,399. The firm has a market cap of $14.68 billion, a P/E ratio of 101.17, a P/E/G ratio of 1.07 and a beta of 0.83. The stock's 50-day moving average is $124.02 and its two-hundred day moving average is $126.16. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.78 and a current ratio of 1.78. Sun Communities, Inc. has a twelve month low of $102.74 and a twelve month high of $141.52.

Sun Communities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.94 dividend. This is a boost from Sun Communities's previous quarterly dividend of $0.93. The ex-dividend date was Wednesday, March 27th. This represents a $3.76 annualized dividend and a dividend yield of 3.19%. Sun Communities's dividend payout ratio is presently 324.14%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SUI shares. Compass Point upped their target price on Sun Communities from $116.00 to $125.00 and gave the company a "neutral" rating in a research report on Thursday, March 21st. Truist Financial cut their target price on Sun Communities from $143.00 to $136.00 and set a "hold" rating for the company in a research report on Monday, March 18th. Barclays cut their target price on Sun Communities from $157.00 to $155.00 and set an "overweight" rating for the company in a research report on Friday, January 26th. Deutsche Bank Aktiengesellschaft started coverage on Sun Communities in a research report on Tuesday, January 30th. They set a "hold" rating and a $129.00 price objective for the company. Finally, Evercore ISI dropped their price objective on Sun Communities from $145.00 to $128.00 and set an "outperform" rating for the company in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $138.92.

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.

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