Mitsubishi UFJ Asset Management Co. Ltd. Increases Holdings in Sun Communities, Inc. (NYSE:SUI)

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Sun Communities, Inc. (NYSE:SUI - Free Report) by 5.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 132,014 shares of the real estate investment trust's stock after buying an additional 6,611 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.11% of Sun Communities worth $17,411,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Spire Wealth Management lifted its holdings in Sun Communities by 102.2% during the third quarter. Spire Wealth Management now owns 465 shares of the real estate investment trust's stock valued at $55,000 after purchasing an additional 235 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Sun Communities during the fourth quarter valued at about $80,000. Tobam lifted its holdings in Sun Communities by 64.0% during the fourth quarter. Tobam now owns 743 shares of the real estate investment trust's stock valued at $99,000 after purchasing an additional 290 shares during the last quarter. Sugarloaf Wealth Management LLC lifted its holdings in Sun Communities by 33.9% during the third quarter. Sugarloaf Wealth Management LLC now owns 849 shares of the real estate investment trust's stock valued at $100,000 after purchasing an additional 215 shares during the last quarter. Finally, Principal Securities Inc. bought a new stake in shares of Sun Communities during the fourth quarter valued at about $172,000. 99.59% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Baxter Underwood sold 4,000 shares of the 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 SEC, which is accessible through the SEC website. In related news, Director Craig Leupold sold 2,500 shares of the firm's stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $128.39, for a total value of $320,975.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Baxter Underwood sold 4,000 shares of the firm's stock in a transaction 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 directly owns 66,852 shares of the company's stock, valued at approximately $8,789,700.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,000 shares of company stock valued at $912,460. 1.89% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SUI has been the topic of several analyst reports. BMO Capital Markets decreased their price target on Sun Communities from $143.00 to $140.00 and set an "outperform" rating on the stock in a research report on Monday, January 22nd. Barclays decreased their price target on Sun Communities from $157.00 to $155.00 and set an "overweight" rating on the stock in a research report on Friday, January 26th. Deutsche Bank Aktiengesellschaft initiated coverage on Sun Communities in a research report on Tuesday, January 30th. They set a "hold" rating and a $129.00 price target on the stock. Truist Financial decreased their price target on Sun Communities from $143.00 to $136.00 and set a "hold" rating on the stock in a research report on Monday, March 18th. Finally, Compass Point upped their price objective on shares of Sun Communities from $116.00 to $125.00 and gave the stock a "neutral" rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Sun Communities has a consensus rating of "Hold" and an average price target of $138.92.

Sun Communities Trading Up 1.3 %

Shares of NYSE:SUI traded up $1.54 during trading on Friday, reaching $122.33. 943,133 shares of the company traded hands, compared to its average volume of 788,378. The firm has a market capitalization of $15.25 billion, a price-to-earnings ratio of 105.46, a P/E/G ratio of 1.11 and a beta of 0.83. Sun Communities, Inc. has a 52-week low of $102.74 and a 52-week high of $141.52. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.08. The business's fifty day moving average is $122.74 and its 200-day moving average is $126.29.

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 paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Sun Communities's previous quarterly dividend of $0.93. Sun Communities's dividend payout ratio is 324.14%.

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.