PGGM Investments Cuts Stock Position in Sun Communities, Inc. (NYSE:SUI)

PGGM Investments lessened its position in Sun Communities, Inc. (NYSE:SUI) by 15.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 933,723 shares of the real estate investment trust’s stock after selling 165,499 shares during the quarter. Sun Communities makes up 1.9% of PGGM Investments’ investment portfolio, making the stock its 12th largest holding. PGGM Investments’ holdings in Sun Communities were worth $124,792,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Sun Communities by 18.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,567,246 shares of the real estate investment trust’s stock worth $777,168,000 after purchasing an additional 1,040,076 shares during the period. Resolution Capital Ltd purchased a new stake in Sun Communities during the 3rd quarter worth about $104,406,000. Russell Investments Group Ltd. increased its holdings in Sun Communities by 75.3% during the 4th quarter. Russell Investments Group Ltd. now owns 1,327,781 shares of the real estate investment trust’s stock worth $177,638,000 after purchasing an additional 570,329 shares during the period. Rush Island Management LP purchased a new stake in Sun Communities during the 3rd quarter worth about $65,134,000. Finally, Ceredex Value Advisors LLC purchased a new stake in Sun Communities during the 4th quarter worth about $37,775,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Sun Communities Stock Performance

Shares of NYSE SUI traded up $0.16 during trading hours on Friday, reaching $119.08. The stock had a trading volume of 394,605 shares, compared to its average volume of 518,050. The firm has a market cap of $14.84 billion, a price-to-earnings ratio of 104.46, a PEG ratio of 1.06 and a beta of 0.80. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.05. Sun Communities, Inc. has a fifty-two week low of $102.74 and a fifty-two week high of $141.52. The firm has a 50-day moving average of $127.11 and a 200-day moving average of $125.17.

Sun Communities Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a $0.94 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Sun Communities’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.16%. Sun Communities’s dividend payout ratio is 329.83%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. BMO Capital Markets cut their price target on Sun Communities from $143.00 to $140.00 and set an “outperform” rating on the stock in a report on Monday, January 22nd. Compass Point upped their price target on Sun Communities from $116.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, March 21st. Barclays lowered their price objective 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 initiated 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, Truist Financial lowered their price objective 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Sun Communities currently has a consensus rating of “Hold” and a consensus price target of $141.17.

Insider Activity at Sun Communities

In related news, 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 completion of the sale, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $3,724,092. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Sun Communities news, Director Craig Leupold sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Clunet R. Lewis sold 500 shares of the company’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 sale, the director now directly owns 28,400 shares of the company’s stock, valued at $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 in the last three months. 1.89% of the stock is currently owned by company insiders.

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.