Price T Rowe Associates Inc. MD Raises Stake in Sun Communities, Inc. (NYSE:SUI)

Price T Rowe Associates Inc. MD raised its holdings in shares of Sun Communities, Inc. (NYSE:SUI) by 50.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,302,804 shares of the real estate investment trust’s stock after purchasing an additional 1,105,306 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 2.65% of Sun Communities worth $424,677,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Manning & Napier Group LLC increased its position in shares of Sun Communities by 2.1% in the fourth quarter. Manning & Napier Group LLC now owns 112,339 shares of the real estate investment trust’s stock worth $15,014,000 after purchasing an additional 2,308 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Sun Communities by 7.9% in the fourth quarter. Fifth Third Bancorp now owns 5,627 shares of the real estate investment trust’s stock worth $752,000 after purchasing an additional 412 shares during the last quarter. Osborne Partners Capital Management LLC increased its position in shares of Sun Communities by 106.0% in the fourth quarter. Osborne Partners Capital Management LLC now owns 41,334 shares of the real estate investment trust’s stock worth $5,524,000 after purchasing an additional 21,269 shares during the last quarter. Arizona State Retirement System increased its position in shares of Sun Communities by 0.7% in the fourth quarter. Arizona State Retirement System now owns 34,195 shares of the real estate investment trust’s stock worth $4,570,000 after purchasing an additional 253 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Sun Communities by 10,803.3% in the fourth quarter. International Assets Investment Management LLC now owns 16,573 shares of the real estate investment trust’s stock worth $2,215,000 after purchasing an additional 16,421 shares during the last quarter. 99.59% of the stock is owned by hedge funds and other institutional investors.

Sun Communities Stock Up 0.4 %

Sun Communities stock traded up $0.48 on Monday, hitting $125.39. 87,041 shares of the stock traded hands, compared to its average volume of 740,609. 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 firm has a market cap of $15.63 billion, a P/E ratio of 107.29, a price-to-earnings-growth ratio of 0.92 and a beta of 0.89. The business’s fifty day simple moving average is $119.50 and its 200 day simple moving average is $123.50. Sun Communities, Inc. has a 1 year low of $102.74 and a 1 year high of $137.45.

Sun Communities Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend was Friday, June 28th. Sun Communities’s dividend payout ratio is currently 324.14%.

Analyst Ratings Changes

A number of research analysts have commented on SUI shares. Evercore ISI reduced their price target on shares of Sun Communities from $145.00 to $128.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Royal Bank of Canada dropped their price objective on Sun Communities from $142.00 to $130.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Finally, JMP Securities reissued a “market outperform” rating and set a $150.00 price objective on shares of Sun Communities in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sun Communities presently has a consensus rating of “Hold” and an average price target of $134.40.

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.