DekaBank Deutsche Girozentrale Trims Stake in Sun Communities, Inc. (NYSE:SUI)

DekaBank Deutsche Girozentrale reduced its holdings in Sun Communities, Inc. (NYSE:SUI) by 7.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 109,885 shares of the real estate investment trust’s stock after selling 8,960 shares during the quarter. DekaBank Deutsche Girozentrale owned 0.09% of Sun Communities worth $13,769,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Farmers & Merchants Investments Inc. bought a new position in shares of Sun Communities in the first quarter worth approximately $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Sun Communities during the 4th quarter valued at $32,000. CKW Financial Group purchased a new stake in shares of Sun Communities during the 1st quarter valued at $38,000. Quest Partners LLC bought a new stake in shares of Sun Communities during the 4th quarter worth $51,000. Finally, GAMMA Investing LLC purchased a new position in Sun Communities in the fourth quarter worth $80,000. Hedge funds and other institutional investors own 99.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JMP Securities restated a “market outperform” rating and set a $150.00 price target on shares of Sun Communities in a research report on Thursday, May 2nd. StockNews.com upgraded Sun Communities from a “sell” rating to a “hold” rating in a research report on Thursday. 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. Finally, Royal Bank of Canada boosted their price objective on shares of Sun Communities from $131.00 to $137.00 and gave the stock an “outperform” rating in a report on Friday. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $135.10.

Sun Communities Trading Up 1.8 %

Shares of Sun Communities stock traded up $2.41 on Friday, hitting $135.61. The stock had a trading volume of 1,049,991 shares, compared to its average volume of 552,709. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 1.08. Sun Communities, Inc. has a one year low of $102.74 and a one year high of $137.45. The stock’s 50-day simple moving average is $120.41 and its two-hundred day simple moving average is $123.49. The stock has a market cap of $16.90 billion, a price-to-earnings ratio of 116.91, a PEG ratio of 0.98 and a beta of 0.88.

Sun Communities Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Friday, June 28th. Sun Communities’s dividend payout ratio (DPR) is presently 324.14%.

Sun Communities Company 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.