abrdn plc Increases Position in Sun Communities, Inc. (NYSE:SUI)

abrdn plc raised its position in shares of Sun Communities, Inc. (NYSE:SUI) by 6.6% during the third quarter, HoldingsChannel reports. The firm owned 62,674 shares of the real estate investment trust’s stock after purchasing an additional 3,886 shares during the period. abrdn plc’s holdings in Sun Communities were worth $8,470,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SUI. Bristlecone Advisors LLC lifted its holdings in shares of Sun Communities by 52.0% in the 3rd quarter. Bristlecone Advisors LLC now owns 5,555 shares of the real estate investment trust’s stock worth $751,000 after acquiring an additional 1,900 shares during the last quarter. Forsta AP Fonden raised its position in Sun Communities by 29.2% in the 3rd quarter. Forsta AP Fonden now owns 18,600 shares of the real estate investment trust’s stock worth $2,514,000 after purchasing an additional 4,200 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Sun Communities by 5.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,338 shares of the real estate investment trust’s stock worth $862,000 after purchasing an additional 308 shares during the last quarter. Osborne Partners Capital Management LLC boosted its position in Sun Communities by 0.4% during the third quarter. Osborne Partners Capital Management LLC now owns 43,757 shares of the real estate investment trust’s stock valued at $5,914,000 after buying an additional 181 shares during the period. Finally, International Assets Investment Management LLC grew its stake in shares of Sun Communities by 13,314.2% during the third quarter. International Assets Investment Management LLC now owns 17,975 shares of the real estate investment trust’s stock valued at $2,429,000 after buying an additional 17,841 shares during the last quarter. Institutional investors own 99.59% of the company’s stock.

Insider Activity at Sun Communities

In other Sun Communities news, CEO Baxter Underwood sold 3,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $131.43, for a total transaction of $394,290.00. Following the completion of the transaction, the chief executive officer now owns 63,462 shares of the company’s stock, valued at approximately $8,340,810.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.89% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SUI shares. Royal Bank of Canada boosted their target price on Sun Communities from $131.00 to $137.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. StockNews.com lowered Sun Communities from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Wells Fargo & Company raised their target price on shares of Sun Communities from $123.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Jefferies Financial Group assumed coverage on shares of Sun Communities in a research report on Thursday, October 17th. They set a “buy” rating and a $160.00 price target for the company. Finally, Evercore ISI raised their price target on shares of Sun Communities from $149.00 to $150.00 and gave the stock an “in-line” rating in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $143.91.

Sun Communities Price Performance

Shares of NYSE SUI opened at $130.31 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. Sun Communities, Inc. has a 1 year low of $110.98 and a 1 year high of $147.83. The company’s 50-day moving average is $135.78 and its 200 day moving average is $126.49. The stock has a market capitalization of $16.25 billion, a P/E ratio of 151.53, a P/E/G ratio of 0.97 and a beta of 0.91.

Sun Communities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Monday, September 30th. Sun Communities’s payout ratio is presently 437.21%.

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.